Time: 2024-07-09
The US House of Representatives is gearing up to potentially overturn President Joe Biden 's recent veto of the crypto custody bill . The bill , which aims to overturn the Securities and Exchange Commission SAB 121 rule , received bipartisan support when it was initially voted on . President Biden vetoed the bill , citing concerns about the impact on the SEC 's ability to regulate the industry and protect investors and customers . However , the bill is now back in the House of Representatives for reconsideration.
If the House of Representatives decides to overturn Biden 's veto , a two - thirds majority vote from both the House and the Senate will be required . Despite the challenges , there is still a possibility of the bill being overturned , given its bipartisan support . The upcoming vote next week will determine the fate of the bill and its potential impact on the cryptocurrency market.
The decision to reconsider the bill comes at a crucial time for the cryptocurrency market , which has been facing selling pressure and declining prices . If the bill is overturned , it could signal a much - needed win for the market . Already , there are signs of a bold recovery , with the global market cap up by 4.3 % in the last 24 hours . Top cryptocurrencies like Bitcoin and Ether have seen gains , with XRP and Cardano also experiencing significant increases.
Analysts are keeping a close eye on the market , with some suggesting that Bitcoin is entering a re - accumulation phase on the Wyckoff market cycle . The total net inflows into spot Bitcoin exchange - traded funds ( ETFs ) also indicate continued interest in the market despite recent price fluctuations.
The bill to overturn the SAB 121 rule has faced scrutiny from critics who argue that it hinders the ability of crypto companies to collaborate with banks . The rule requires firms custodying cryptocurrencies to record holdings on their balance sheets , potentially impacting their operations . The uncertainty surrounding the bill has already deterred major firms like BNY Mellon and State Street from entering the crypto custody business.
President Biden 's veto of the bill underscores the ongoing debate about the regulation of cryptocurrencies and the need to strike a balance between innovation and consumer protection . The upcoming vote in the House of Representatives will shed light on the future direction of crypto regulation in the United States.
President Biden 's decision to veto the bill comes amidst a broader political landscape as he prepares for the upcoming US Presidential elections . The outcome of the vote next week will not only affect the cryptocurrency market but also have implications for Biden 's administration . As the debate around crypto regulation continues , stakeholders are closely watching to see how the House of Representatives will decide on the bill.
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