The US House of Representatives sustained President Joe Biden’s veto of a resolution to overturn an SEC rule on crypto and banking by coming 60 votes short.
Though the resolution overturning an SEC rule on banks handling crypto passed in the House in May, the legislation required at least 288 members to override President Biden’s veto.
The US House of Representatives could not gather enough support to override President Joe Biden’s veto of a resolution affecting a Securities and Exchange Commission rule on banks recording cryptocurrency as a liability on their balance sheets. In a July 11 vote, 228 House members voted to override President Biden’s veto of H.J.Res. 109, overturning SEC Staff Accounting Bulletin No. 121 — 60 votes short of the two-thirds majority required. The failed vote suggested that the“It did not have to be this way,” said Representative Patrick McHenry on July 10 before a potential vote.
“The crypto industry and its allies have long chided the SEC for not providing enough clarity for how crypto assets should be regulated,” said Representative Maxine Waters, citing opposition to SAB 121. “It’s just that the industry didn’t like the answer they got.”for the first time with support from 21 Democratic representatives: a vote of 228 to 182. The Senate followed the House’s example, voting 60 to 38 in favor of the resolution on May 16.
Since taking office in 2021, President Biden has issued 12 vetoes, none of which have been overridden by Congress. The last time US lawmakers in the House overrode a presidential veto was in December 2020 under Donald Trump, with the National Defense Authorization Act.Many cryptocurrency advocates have criticized the Biden administration for taking action against legislation favoring the industry, such as the joint resolution.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SEC Day: SEC Commentator Dusty Dvoracek Says 'Rabid' OU Fans Are SEC-ReadyIt just means more in the SEC, and the Sooners will fit right in with the existing culture.
Read more »
SEC Day: Oklahoma Legend Maggie Nichols, Coach K.J. Kindler Provide Insight Into SECThe six-time national champion Sooners will embark on their SEC journey this winter.
Read more »
In a win for conservatives, Supreme Court limits use of SEC in-house tribunalsSEC v. Jarkesy is one of several Supreme Court cases this term challenging the power of federal agencies, including the Securities and Exchange Commission.
Read more »
U.S. Supreme Court Says No More In-House Tribunals for the SEC, Other Federal RegulatorsCheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.
Read more »
Supreme Court faults SEC's use of in-house judges in latest curbs on agency powersThe Supreme Court ruled on Thursday in favor of a challenge to the Securities and Exchange Commission's in-house enforcement of investor protection laws in certain proceedings, dealing a setback to the agency.
Read more »
In conservative win, Supreme Court limits use of SEC in-house tribunalsSEC v. Jarkesy is one of several Supreme Court cases this term challenging the power of federal agencies, including the Securities and Exchange Commission.
Read more »