House Poised to Vote on Erasing SEC Crypto Policy While President Biden Vows Veto

The U.S. House of Representatives recently voted to oppose the SEC's crypto accounting policy, Staff Accounting Bulletin No. 121, which has been criticized for deterring banks from handling crypto customers. Despite strong bipartisan support for the resolution in the House, President Joe Biden has promised to veto it, defending the policy as necessary for addressing risks and maintaining regulatory standards in the crypto sector. The policy, initially issued as staff guidance, was later determined by a government review to require handling as a formal rule, prompting further controversy and legislative action.