The US House of Representatives has voted for a resolution to overturn the Securities and Exchange Commission (SEC)’s 2022 bulletin on crypto custodian accounting.
US President Joe Biden released a statement opposing the resolution and revealing a possible veto if the bill passes the Senate.
Democrats And Republicans Join Forces Against The SEC
On May 8, 21 Democrat House Representatives joined 207 Republican Representatives to vote in favor of H.J.Res.109 to nullify the Staff Accounting Bulletin (SAB) 121. The bulletin requires all custodians of cryptocurrencies and other digital assets to recognize these assets as a liability in their accounting books.
As reported by Bitcoinist, the rule has prevented US banks from holding Bitcoin and other cryptocurrencies as it made their crypto business “non-viable.” Republican Congressman Mike Flood argued that “the SEC’s accounting standards for firms that custody crypto are unfair and hinder banks looking to provide such
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