The US House is set to vote on President Biden's SAB 121 legislation, which requires entities holding cryptocurrencies to report these holdings as liabilities on their balance sheets.

This proposed rule has stirred anxiety among crypto proponents due to its potential impact on banks offering crypto services.

Critics argue that this could stifle innovation and increase risks for investors by limiting custodial options.

Despite bipartisan support for repealing the bill, Biden's administration vetoed it, and overturning this veto requires a challenging two-thirds majority in Congress.

The outcome of this vote could significantly influence the crypto industry and investor confidence.