TechFlow news, the House Financial Services Committee (HFSC) voted in favor of a resolution aimed at overturning the U.S. Securities and Exchange Commission's guidance that prevents banks from participating in cryptocurrency custody.
During the markup hearing on February 29, 31 HFSC members voted in favor of the resolution, while 20 members voted against it.
In a statement, the House Financial Services Committee said: "By overturning SAB 121, the resolution will remove barriers preventing heavily regulated banks from serving as custodians of digital assets, thereby ensuring consumer protection."
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