Congress to Vote on Overriding Presidential Veto of Crypto Bill

IconCryptoNewsTerminal Staff08 Jul, 2024

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Congress to Vote on Overriding Presidential Veto of Crypto Bill

The US House of Representatives will vote on a bill that would overturn the accounting guidance (SAB 121) that places strict custody obligations on cryptocurrency exchanges and custodians. The vote will take place on Monday, July 10, at 4:15 p.m. ET. The bill, H.R. 1667, was previously vetoed by President Joe Biden. In order to override the veto, the bill must pass both the House and the Senate with a two-thirds majority. The bill's supporters argue that SAB 121 is overly burdensome and would stifle the growth of the cryptocurrency industry. They also argue that the guidance is unnecessary, as cryptocurrency exchanges and custodians are already subject to other regulations that protect consumers. Opponents of the bill argue that SAB 121 is necessary to protect consumers from fraud and theft. They also argue that overturning the guidance would send the wrong message to the cryptocurrency industry. The outcome of the vote is uncertain. However, if the bill passes the House, it will be a significant step towards overturning SAB 121.

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