The attempt to override President Joe Biden’s veto was unsuccessful as U.S. lawmakers voted 228-184, falling short of the majority required. The vote in the House on Thursday did not obtain the necessary two-thirds majority, with twenty-one Democrats and 207 Republicans voting in favor, and 183 Democrats and one Republican voting against. Congressman Drew Ferguson of Georgia was the sole Republican who voted against it. After the vote, Rep. Ferguson’s office disclosed that he filed an incorrect voting form, stating that he intended to vote in the affirmative.
This action has sparked controversy due to potential complications with financial disclosures and operational challenges. The bill addresses concerns about privacy and equity in financial dealings, emphasizing transparency and accountability among service providers. It was initially passed with bipartisan support in both chambers but faced strong opposition from the Biden administration, which argued that overturning SAB 121 would undermine the SEC’s role in protecting investor interests and financial stability. The motion was approved by the Senate, receiving 60 votes in favor and 38 against, as several Democrats sided with the Republicans.
The ongoing debate over SAB 121 highlights the division among U.S. policymakers on crypto. Despite efforts by crypto advocates and some lawmakers to portray the regulation as harsh and constraining, the outcome indicates the slow progress in alleviating industry concerns. While supporters of the resolution criticized Biden’s veto as a missed opportunity to reform what they perceive as overly burdensome regulation, opponents argued for maintaining regulatory clarity and investor protection in an evolving digital economy. The deadlock in Congress reflects broader uncertainty over the future regulatory landscape for cryptocurrencies amidst rapid technological advancements and financial innovation.