Rescheduling of the U.S. House of Representatives Vote on H.J. Res. 109
Dear Crypto Enthusiast, A recent postponement of the U.S. House of Representatives’ vote on H.J. Res. 109 has caught the attention of the cryptocurrency industry. This delay was necessary to address an urgent debate on a separate issue, as reported by Eleanor Terrett, a Journalist & Producer at Fox. President Joe Biden’s undisclosed letter seems to have influenced this last-minute change, suspending the vote initially scheduled for July 11th at 10:30 AM.
The Impact of H.J. Res. 109
The delayed vote centers around H.J. Res. 109, which aims to override President Biden’s veto of the Staff Accounting Bulletin 121 (SAB 121). This 2022 SEC rule requires companies to categorize client-held cryptocurrencies as liabilities on their balance sheets. Despite bipartisan support, Congress fell short in its attempt to overturn the veto.
- The vote seeks to provide clarity on regulating cryptocurrencies and digital assets.
The Consequences of a Failed Vote
If the vote on H.J. Res. 109 fails, House leaders plan to introduce a new bill through standard legislative procedures to achieve the resolution’s objectives without involving the Congressional Review Act (CRA). However, the enactment of the Financial Innovation and Technology for the 21st Century Act in May has added complexity to the regulatory framework for U.S. commodities and securities entities in the crypto sphere.
- Failing the vote could lead to a new bill being introduced through regular legislative channels.
Implications on Politics
As the 2024 U.S. elections approach, digital asset issues have gained prominence for both President Biden and potential Republican candidate Donald Trump. The focus on the cryptocurrency industry indicates a possible shift towards more supportive stances. Ultimately, the House will require around 60 additional votes compared to the previous 228 to pass the Financial Innovation and Technology for the 21st Century Act.
- The upcoming vote will test bipartisan backing for the Act, reflecting political dynamics.
For those interested in monitoring the House vote on H.J. Res. 109, a live stream of the proceedings can be accessed here.
Hot Take: Conclusion on the House Vote Delay
To all crypto enthusiasts, Stay tuned for further updates on the postponed vote as the cryptocurrency industry closely watches for developments in the regulatory landscape. The outcome of the delayed vote on H.J. Res. 109 holds significant implications for cryptocurrency regulations and the broader digital asset sector. Let’s continue to monitor this situation as it unfolds.
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