U.S. House Fails to Override Biden's SEC Veto of Bill That Would End Controversial SEC Guidance

The debate over this policy nearly became moot this week, according to Rep. Maxine Waters (D-Calif.), who said the SEC has been negotiating with banking industry representatives about “targeted modifications” to the policy and “may be close to reaching an agreement.” But she noted that “Republicans are pushing ahead anyway with this blunt and overly broad approach” that she said would undermine the regulator. “There is bipartisan agreement in both chambers of Congress that SAB 121 is nothing more than a punitive, anti-digital asset tool deployed by the SEC,” countered Kristin Smith, CEO of the Blockchain Association, in an emailed statement. “And there’s clear consensus that the SEC’s view on digital assets is flawed.”