House Fails to Overturn Biden Veto on Pro-Crypto Banking Bill

The House vote over SEC cryptocurrency rule SAB 121 fell much the same as it did in May, despite growing political momentum around crypto.

The U.S. House of Representatives failed on Thursday to override President Joe Biden's veto of a bipartisan effort to allow American banks to hold crypto.

The bill would have required a two-thirds supermajority to pass the House, after which it would have required another two-thirds vote of approval in the Senate. While it passed with a healthy majority today, it did not come close to approaching the level of support from Democrats needed to rebuke Biden.

In fact, House members voted today in exactly the same numbers as they did when the bill—a repeal of Securities and Exchange Commission (SEC) rule SAB 121—first came up for a vote in May. Exactly 207 Republicans and 21 Democrats voted for the measure then, and today.

Ultimately, 182 Democrats voted against the repeal in May, while 183 voted against it this morning.

Editor's note: This story is breaking and will be updated with additional details.

Edited by Andrew Hayward

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