- A total of 228 House members casted their votes on July 11.
- The members fell 60 votes short of the necessary two-thirds majority.
There wasn’t enough support in the House of Representatives to override President Joe Biden’s veto of a measure that would have affected an SEC regulation requiring banks to list cryptocurrencies as a liability on their balance sheets.
A total of 228 House members casted their votes on July 11 to reject SEC Staff Accounting Bulletin (SAB) No. 121, which had been vetoed by President Biden. However, they fell 60 votes short of the necessary two-thirds majority. The veto was expected to stand as a result of the failed vote. And US banks would no longer be able to act as crypto custodians for their clients. Unless new legislation were to be passed.
Massive Roadblock
Just hours before H.J.Res. 109 cleared the House for the first time with backing from 21 Democratic representatives—a vote of 228 to 182—on May 8, President Biden announced his intention to veto the resolution. On May 16, the Senate followed the House’s lead and voted 60–38 in support of the resolution. On May 31, the law was vetoed by the US president.
The 12 vetoes made by Vice President Biden since he assumed office in 2021 have all remained intact. House Republicans in the United States last defeated a presidential veto in December 2020, while Trump was in office, for the National Defense Authorization Act.
A number of crypto proponents have spoken out against the Biden administration’s stance on industry-friendly legislation, such as the joint resolution. Earlier, a joint statement by the White House and the SEC expressed opposition to the FIT21 Act. Which would have clarified regulations for digital assets, and would have helped the measure pass into law.
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