📢Blockchain News Express! Federal Reserve Chairman Jerome Powell was asked about the SEC's Staff Accounting Bulletin (SAB) 121 while testifying before the U.S. House Financial Services Committee. 😮This bulletin requires banks to include custody of digital assets on their balance sheets, which undoubtedly increases the cost of providing digital asset custody services.

👀Powell cited his previous statement that custody assets do not belong on the balance sheet, but he did not comment on the SEC's policy, saying that this is the purview of the SEC. 🤔

😯Critics believe that SAB 121 weakens banks' ability to provide safe custody of digital assets, pushes these services to less regulated entities, and increases consumer risks. Therefore, lawmakers proposed to overturn SAB 121, citing its negative impact.

😲However, although the U.S. Congress passed the first stand-alone crypto legislation to overturn SAB 121, President Biden vetoed the bill, emphasizing the need to establish a digital asset regulatory framework. 🔍The impact of this development on Bitcoin deserves our close attention! 🔥