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House challenge fails: Biden's veto remains strong despite SEC softeningAccounting 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.

House challenge fails: Biden's veto remains strong despite SEC softening

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.
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Senator Lummis Reveals: The Biden Administration May Have Sold Off Most of the U.S. Bitcoin Reserves!At the digital asset summit on March 19, Senator Cynthia Lummis dropped a bombshell: The Biden administration may have sold off a significant portion of the U.S. seized Bitcoin reserves. Lummis is a strong advocate for Bitcoin, pushing for its inclusion in the U.S. financial system and proposing a (Bitcoin bill) that suggests the federal government acquire 1 million Bitcoins over the next five years as a means of value storage similar to gold reserves. How much Bitcoin has the Biden administration sold? Lummis revealed that the U.S. government may have accumulated around 200,000 Bitcoins through asset seizures, but the previous Biden administration may have sold off a significant portion of that. Her office has formally requested an investigation from the U.S. Marshals Service and has spoken with former Attorney General Pam Bondi to try to confirm how much Bitcoin remains with the federal government.

Senator Lummis Reveals: The Biden Administration May Have Sold Off Most of the U.S. Bitcoin Reserves!

At the digital asset summit on March 19, Senator Cynthia Lummis dropped a bombshell: The Biden administration may have sold off a significant portion of the U.S. seized Bitcoin reserves.
Lummis is a strong advocate for Bitcoin, pushing for its inclusion in the U.S. financial system and proposing a (Bitcoin bill) that suggests the federal government acquire 1 million Bitcoins over the next five years as a means of value storage similar to gold reserves.

How much Bitcoin has the Biden administration sold?
Lummis revealed that the U.S. government may have accumulated around 200,000 Bitcoins through asset seizures, but the previous Biden administration may have sold off a significant portion of that. Her office has formally requested an investigation from the U.S. Marshals Service and has spoken with former Attorney General Pam Bondi to try to confirm how much Bitcoin remains with the federal government.
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