House votes to nullify SEC’s anti-crypto banking guidance SAB 121
The House of Representatives has voted to overturn controversial SEC guidance that has virtually blocked banks from custodying crypto assets.
The United States House of Representatives has voted to pass a bill that overturns controversial Securities and Exchange Commission guidance preventing banks from owning crypto.
President Joe Biden, however, previously warned earlier in the day that he would veto the new bill if it were to make it to his desk.
On May 8, the House voted to pass a bipartisan bill dubbed H.J. Res 109 which overturns the SEC’s Special Accounting Bulletin (SAB 121) that requires banks to hold their customers’ crypto assets on their balance sheets — which is not the case for traditional assets such as securities.
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Author: Tom Mitchelhill
