TechFlow news: The U.S. House of Representatives will vote next week on the Securities and Exchange Commission's accounting bulletin SAB 121, after it was vetoed by President Biden.
SAB 121 requires companies that custody cryptocurrencies to record customer crypto assets as liabilities, sparking concerns within the crypto industry. House Majority Leader Steve Scalise said the vote would take place either Tuesday or Wednesday next week.
Previously, the House passed the resolution 228-182, and the Senate passed it 60-38, but overriding the veto requires a two-thirds majority. Although the vote is challenging, overturning the veto is not impossible due to bipartisan support for the FIT21 bill.
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