Breaking: U.S. House of Representatives votes to overturn SEC cryptocurrency accounting rules
The U.S. House of Representatives passed a resolution to overturn the Securities and Exchange Commission's (SEC) announcement on accounting standards for cryptocurrency custodians. The measure passed by a vote of 228 to 182, with strong support from Republicans and 21 Democrats. The move reflects the growing tension between legislative preferences and regulatory measures in the digital asset industry
The House debate showcased a rare bipartisan approach to the issue, which typically polarizes opinion between the two parties. Republican Patrick McHenry, chairman of the House Financial Services Committee, criticized the SEC's announcement for imposing strict capital and liquidity requirements on banks. McHenry said the requirements effectively prohibit financial institutions from handling customers' digital assets. Waters also highlighted concerns that overturning the announcement could limit the SEC's ability to issue similar guidance in the future, potentially undermining regulatory efforts to regulate the emerging cryptocurrency market.
The future of the measure is uncertain as it will be sent to the Senate and must pass the Senate Banking Committee before the full Senate can vote. The White House has already expressed opposition and issued a statement indicating that President Joe Biden will veto the resolution. The government believes that limiting the SEC's regulatory power will bring serious financial instability and market uncertainty, which is an unwelcome result in the volatility of the cryptocurrency market.
Ambush potential coins in advance, click on my avatar to find me. Welcome to like, follow, collect and forward.
