🚀🚀Buckle up, BTC enthusiasts! A Republican-led initiative to allow US banks to offer crypto custody services has been stopped in its tracks by the Democrat-led White House. 🏛️ The House of Representatives was all set to vote on House Resolution 109, which would have overturned previous accounting guidance for banks looking to offer this service. But, the Biden Administration announced its intention to veto the resolution if it gets through the House and Senate. 😮

🔍Let's dive a bit deeper. The guidance that the Republicans want to invalidate, known as Staff Accounting Bulletin (SAB) 121, outlines the SEC's views on the accounting responsibilities of firms safeguarding customers' crypto assets. The White House argues that the resolution would disrupt the SEC's efforts to protect investors and the broader financial system. 🛡️

🗳️The resolution did manage to pass through the House, but only with 55% of the vote. All Republicans and 26 Democrats voted in favor. But for it to become law, it needs to pass through both the House and Senate with a majority vote and get the President's approval. If the President vetoes, it would need a two-thirds majority in both chambers. 🏦

Critics of SAB 121, including the act's sponsor Mike Flood, argue that the SEC bypassed the traditional rulemaking process and that the bulletin is more of a "rule" than "guidance". They claim it makes it too costly for banks to realistically offer crypto custody services. 🏧💰

Stay tuned for more updates, BTC fans! 🚀🚀