US House to Vote on Overriding Biden's Veto of SAB 121, Requiring Two-Thirds Majority

Jul 5, 2024, 08:31 PM

The US House of Representatives is set to vote next week on overriding President Joe Biden's veto of SAB 121. The bill, which has significant implications for the cryptocurrency sector, requires a two-thirds majority in both the House and Senate to pass. The outcome of this vote is critical for House Democrats, who risk losing the crypto vote in an already challenging election year if they fail to overturn the veto. The initial veto by President Biden had previously blocked the rollback of SAB 121, but the upcoming vote could potentially reverse this decision. The bipartisan FIT vote and career Democrats in crypto policy play crucial roles in this context.