The U.S. House of Representatives has postponed its vote on H.J. Res. 109, which seeks to override President Joe Biden’s veto of a key rule affecting the cryptocurrency industry. Initially set for 10:30 AM on Thursday, July 11th, the vote has been rescheduled due to the House’s need to address an unexpected and urgent debate on a separate topic as reported by Eleanor Terrett, a Journalist & Producer at Fox. This last-minute change came after President Biden sent a letter—details of which remain undisclosed but appear to have impacted the House’s scheduling.
H.J. Res. 109 addresses a veto on Staff Accounting Bulletin 121 (SAB 121), a 2022 SEC rule that requires companies holding cryptocurrencies for clients to list these assets as liabilities on their balance sheets. Meanwhile, Congress tried to overturn the veto with support from both parties, but they didn’t get enough votes to succeed.
This act seeks to clarify regulations surrounding cryptocurrency and other digital assets.
What Happens If the Vote Fails?
According to Terrett, if the vote on H.J. Res. 109 fails, House leadership will pursue a new bill through the regular legislative process to achieve the same goals as the resolution, bypassing the Congressional Review Act (CRA).
However, the Financial Innovation and Technology for the 21st Century Act, enacted in May, aims to define better the regulatory roles of U.S. commodities and securities entities in the crypto space, further complicating the legislative landscape.
Political Implications
With the 2024 U.S. elections on the horizon, both President Biden and Republican candidate Donald Trump are increasingly focusing on digital asset issues, signaling a potential shift toward more favorable stances for the cryptocurrency industry
Overall, the House would need approximately 60 more votes than the 228 it previously achieved. The pivotal vote, expected tomorrow, will test bipartisan support for the Financial Innovation and Technology for the 21st Century Act.
Terrett has provided a link to the live stream of the House vote on H.J. Res. 109 for those interested in following the proceedings, which will be available here.
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