The U.S. House of Representatives could vote this week to overturn President Joe Biden’s veto of a bill that would have eliminated a controversial U.S. Securities and Exchange Commission (SEC) rule.
According to House Majority Leader Steve Scalise’s weekly schedule, the House of Representatives could vote this week to override Biden’s veto of a bill that would have reversed the SEC’s Staff Accounting Bulletin (SAB) 121.
“Legislation for Consideration: Veto Message to HJ Res. 109 – Provides for disapproval by Congress under Chapter 8 of Title 5, United States Code, of the Securities and Exchange Commission’s rule regarding Staff Accounting Bulletin No. 121.’”
SAB 121 is guidance from the SEC that requires certain companies to label digital assets as liabilities on their balance sheets, even if they simply hold them for customers.
Biden, who vetoed the bill in May, said at the time that rescinding the SEC’s guidance would hamper the regulator’s ability to implement safeguards and protect investors.
“This reversal of the SEC staff’s informed judgment thus threatens to undermine the SEC’s broader authorities on accounting practices. My government will not support measures that endanger the well-being of consumers and investors.”
The Republican-led bill to curb SAB 121 previously passed the House of Representatives by a vote of 228 to 182 and the Senate by a vote of 60 to 38.
Congress can override a presidential veto if two-thirds of elected officials in the House of Representatives and the Senate vote to do so.
SAB 121 was originally issued by the SEC in March 2022.
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Featured image: Shutterstock/Gary Blakeley