The U.S. House of Representatives passed a resolution aimed at overturning the SEC's cryptocurrency custody accounting standards announcement

2024-05-09 07:56:42

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ChainCatcher news, according to The Block, the U.S. House of Representatives voted to pass a resolution aimed at overturning the SEC's cryptocurrency custody accounting standards announcement. The House vote resulted in 228 - 182, with a majority of Republicans supporting the measure. 21 Democrats voted in favor.
The announcement was first issued in 2022 and has sparked controversy over the past year. It requires cryptocurrency custodians to record the cryptocurrencies held by clients on their balance sheets as liabilities. The crypto industry is concerned that this move could prevent banks from safeguarding digital assets. However, on Wednesday, the White House released a "government policy statement," stating that President Biden would veto the resolution.

The White House stated, "Limiting the SEC's ability to maintain a comprehensive and effective financial regulatory framework for crypto assets would lead to serious financial instability and market uncertainty." The resolution may be submitted to the Senate Banking Committee and then voted on by the full Senate.

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