TechFlow news, according to The Block, the U.S. House of Representatives voted to pass a resolution aimed at overturning the SEC's accounting bulletin on cryptocurrency custody. First issued in 2022, the bulletin has sparked controversy over the past year. It requires custodians of cryptocurrencies to record crypto assets held for customers as liabilities on their balance sheets. The crypto industry fears this move could discourage banks from safeguarding digital assets.
It remains unclear whether the resolution will become law. However, on Wednesday, the White House released a "Statement of Administration Policy" indicating that President Biden would veto the resolution. The White House stated that "limiting the SEC’s ability to maintain a comprehensive and effective financial regulatory framework for crypto assets would pose serious financial instability and market uncertainty." The resolution may be referred to the Senate Banking Committee before facing a vote by the full Senate.
