House of Representatives Set to Vote on Cryptocurrency Regulation: What’s at Stake?

The US House of Representatives is set to vote on President Joe Biden’s veto of Senate Bill 121, a regulation that could impact the cryptocurrency industry.

House of Representatives to Vote on Controversial Crypto Regulation

The US House of Representatives is set to vote on President Joe Biden’s decision to veto a regulation that could impact the cryptocurrency industry. The regulation, Senate Bill 121 would require companies to include their cryptocurrency holdings on their balance sheets, according to the report of Block Chain.

A Concern for the Industry

Critics argue that the regulation could restrict American banks ability to manage cryptocurrency exchange-traded products while proponents claim it would increase transparency and accountability.

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(photo: CoinGape)

A Two-Thirds Majority Needed

To override the veto, the House needs a 2/3 majority requiring 62 additional votes from the bill’s original supporters. Democrats will play a key role in securing this majority. The outcome will significantly impact the crypto industry, with an override reversing the regulation and failure upholding President Biden’s veto.

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