According to BlockBeats, on July 11, the US House of Representatives voted on whether to overturn President Joe Biden's veto on the resolution related to SAB 121, but it did not pass. As a result, the cryptocurrency accounting policy of the US Securities and Exchange Commission (SEC) remains unchanged.
One of the core Democratic negotiators on cryptocurrency legislation, Representative Maxine Waters, stated that the SEC and the banking industry are in discussions about changing the controversial accounting policy.
It is reported that SAB 121 is a proposed rule that requires entities holding cryptocurrencies to record the amount of cryptocurrency held on their balance sheets.