The U.S. House of Representatives passed a measure overturning the controversial announcement by the U.S. Securities and Exchange Commission (SEC) on accounting standards for crypto asset custody. The measure passed the House of Representatives with 228 votes in favor and 182 votes against, with 21 Democratic members supporting the measure. The announcement required customers' cryptocurrency holdings to be recorded as liabilities, which raised concerns in the crypto industry. The White House has indicated that President Biden will veto the measure if it becomes law. The measure still needs to be reviewed by the Senate Banking Committee and voted on by the full Senate. (TheBlock)