What’s Next after Joe Biden’s Crypto Rule Veto Causes Delay in House Vote?

The U.S. House of Representatives has decided to postpone the vote on H.J. Res. 109, which aims to override President Joe Biden’s veto of a crucial rule impacting the cryptocurrency industry. The vote was originally scheduled for 10:30 AM on Thursday, July 11th, but has been rescheduled due to an unplanned and urgent debate on another topic. This information was reported by Eleanor Terrett, a Journalist & Producer at Fox. President Biden’s undisclosed letter seems to have influenced the House’s decision to reschedule.

H.J. Res. 109 deals with overturning the 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. Despite bipartisan support, Congress was unable to gather enough votes to succeed in overturning the veto.

This resolution aims to provide clarity on regulations for 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, passed in May, aims to clarify the regulatory roles of U.S. commodities and securities entities in the crypto space, adding complexity to the legislative landscape.

Political Implications

As the 2024 U.S. elections approach, both President Biden and Republican candidate Donald Trump are focusing more on digital asset issues, hinting at potentially more favorable stances for the cryptocurrency industry.

Overall, the House would need approximately 60 more votes than the 228 previously gathered. The crucial vote, expected tomorrow, will test bipartisan support for the Financial Innovation and Technology for the 21st Century Act.

For those interested in following the live stream of the House vote on H.J. Res. 109, Terrett has provided a link available here.

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