The US House of Representatives passed a resolution (H.J. Res. 109) to repeal the SEC's crypto accounting rule (SAB 121).

President Biden has expressed opposition to the repeal, citing consumer protection concerns.

The Biden administration is weighing a veto against the resolution, signaling a conflict with some Congress members and the crypto industry.

The administration is firm on upholding the SEC's rule despite bipartisan resistance, underlining a major regulatory debate on cryptocurrency in the US.