U.S. House Fails to Override Biden’s Veto on Crypto Banking Bill 🏛️
The U.S. House of Representatives failed to override President Joe Biden’s veto of a bipartisan effort to allow American banks to hold cryptocurrencies. The bill needed a two-thirds supermajority to pass the House and then another two-thirds vote in the Senate, but it fell short of the support needed from Democrats to rebuke Biden.
Vote Results and Analysis 📊
- The bill, which aimed to repeal Securities and Exchange Commission (SEC) rule SAB 121, saw 207 Republicans and 21 Democrats voting in favor when it was first introduced in May.
- The vote results remained unchanged with the same numbers of supporters and opposers in the recent vote.
- In May, 182 Democrats voted against the repeal, which increased to 183 in the recent vote.
Challenges and Surprises in Crypto Regulation 🚀
- Experts in crypto policy were not optimistic about the bill gaining enough bipartisan support to override Biden’s veto.
- Despite the recent setback, a previous framework for crypto regulation, FIT 21, garnered support from 71 Democrats, showcasing potential for bipartisan alignment on crypto-related matters.
Negotiations and Debates 🤝
- Before the recent vote, there were signs of potential agreements between the banking lobby and the SEC to address concerns related to crypto custody.
- While some viewed these negotiations positively, others like Rep. Patrick McHenry criticized any delays in Congress’s oversight of the SEC’s crypto policies.
Final Outcome and Unresolved Issues 🏁
Despite the efforts to push for a veto override, Congress did not achieve the necessary support. It remains uncertain whether the SEC will adjust its policies concerning American banks holding cryptocurrencies.
Hot Take: The Future of Crypto Regulation in the U.S. 🌐
As debates continue within Congress and with regulatory bodies like the SEC, the future of crypto regulation in the U.S. remains uncertain. The recent vote highlights the challenges of achieving consensus on crypto-related policies.
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