Democrats sign on to attempt overturning SEC's crypto accounting rule

• The effort behind H.J. Res 109, which sought to overturn that crypto accounting rule, died with President Biden's veto, but a different bill that seeks to do the same thing, H.R. 5741, just got five more Democrats signed on this month.

Zoom in: Reps. Daniel Goldman, Scott Peters, Darren Soto, Robert Garcia and Eric Sorensen were the latest.

• That brings the total to 11 democrats, with more expected to sign on in the coming days.

Flashback: Unable to get the votes to override the veto earlier this month, crypto-friendly policymakers are powering forward with a different bill.

• H.R. 5741 was sponsored by Rep. Mike Flood (R-Neb.), and co-sponsored by Reps. Ritchie Torres (D-NY), French Hill (R-Ark.) and Wiley Nickel (D-NC).

The big picture: What the agency has called a "guidance memo" has been criticized by both folks in crypto and in traditional finance for making it prohibitively expensive to provide custody services for digital assets.

What we're watching: Vice President Kamala Harris' gaining support as the Democratic party nominee could be the catalyst that thaws the standoff between crypto and the White House, and we're looking for any signs of that.