At the end of May President Biden vetoed a bipartisan resolution in the House and Senate that aimed to cancel SEC accounting rule SAB 121, which prevents banks from providing digital asset custody. This week’s House schedule indicates another vote is on the cards. It’s possible to override a Presidential veto, but it needs a two thirds majority in both the House and Senate. A normal vote only requires a simple majority.
Update: The vote failed to achieve two thirds and Congresswoman Waters says the SEC is working on a SAB 121 amendment.
During May the House passed a resolution to cancel SAB 121 with a vote of 228 versus 182 and the Senate likewise voted 60 to 38. Both votes fall short of the two thirds required to override a veto, with the House further away.
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