TechFlow news, according to CoinDesk, the U.S. House of Representatives failed on Wednesday to override President Joe Biden's veto, leaving the Securities and Exchange Commission's (SEC) cryptocurrency accounting policy (SAB 121) in effect. Representative Maxine Waters said the SEC and the banking sector are discussing modifications to this controversial accounting guidance.
Although a majority of House members voted to oppose Biden's position, they did not reach the two-thirds majority required to overturn the veto. SAB 121 advises banks to record customers' crypto assets on their own balance sheets, raising concerns about higher capital requirements. SEC Chair Gary Gensler described the policy as a response to industry turmoil.
Earlier on Wednesday, during a roundtable meeting, numerous crypto industry leaders met with lawmakers and representatives from the White House to discuss differences between the crypto industry and the Biden administration. Coinbase Chief Legal Officer Paul Grewal said White House senior adviser Anita Dunn attentively listened to industry concerns and called on the White House to send a strong signal of willingness to support the crypto industry.
