In the middle of the week, the US House of Representatives must approve or reject the veto of US President Joe Biden on the repeal of the amendment of the US Securities and Exchange Commission (SEC) to the accounting rules SAB 121. Recall that the current rules of the Accounting Bulletin oblige banks to reflect digital assets on their balance sheets as customer deposits, as well as ensure their absolute reservation and insurance.
According to the participants of the crypto community in the United States, the position of the state regulator regarding the accounting practices of credit and financial institutions significantly limits the development opportunities of the digital finance industry and is not able to give a positive effect to protect crypto investors.
It should be noted that the vote of the House of Representatives for the abolition or preservation of presidential vetoes is mandatory and constitutional, so it must vote again. The vote may take place on Tuesday, July 9, or on Wednesday, July 10.
In May, 55.6% and 61.2% of members of the House of Representatives and the Senate, respectively, voted for a resolution repealing the SEC amendment. To override Biden's veto, opponents of the current president's decision will need a two-thirds majority of both the House of Representatives and the Senate.