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Accounting Bulletin 121 (SAB 121) issued by the U.S. Securities and Exchange Commission (SEC) requires companies, including banks, to treat crypto assets held by customers as liabilities on their balance sheets. This requirement has led to efficiency bottlenecks for large banks in providing cryptocurrency custody services.
To change this situation, the U.S. House of Representatives and Senate passed a bipartisan Congressional Review Act (CRA) resolution aimed at repealing the guidance of SAB 121. However, the Biden administration vetoed the resolution in May.
Although the president's veto posed an obstacle to the passage of the bill, according to American Banker, the House of Representatives held a vote on July 11 to try to override the veto. Unfortunately, the vote did not reach the two-thirds majority required to override the president's veto, with a final vote of 228 in favor and 184 against, failing to overturn the president's veto resolution.