In the middle of the week, the US House of Representatives is expected to approve or override US President Joe Biden's veto of the US Securities and Exchange Commission (SEC) amendment to accounting rules SAB 121.

Let us recall that the current rules of the Accounting Bulletin oblige banks to reflect digital assets on their balance sheets as customer deposits, as well as to ensure their 100% reserve and insurance.

In May, 55.6% and 61.2% of members of the House and Senate, respectively, voted for a resolution repealing the SEC amendment. To override Biden's veto, opponents of the incumbent president's decision would need a two-thirds majority in both the House and Senate.