đCrypto News Flashđ
đA Republican-led initiative to allow US banks to offer crypto custody services has been stopped in its tracks by the Democrat-led White House.
đThe House was set to vote on H.J. Res. 109, which would have overturned previous accounting guidance for banks wanting to offer crypto services. But the Biden Administration announced it would veto the resolution if it passed the House and Senate.
đThe White House says the guidance Republicans want to overturn (SAB 121) is crucial for the SEC to protect investors and the broader financial system.
đCritics argue SAB 121 makes it too costly for banks to offer crypto custody services as it requires them to hold digital assets on their balance sheet.
đThe resolution passed the House with 55% of the vote, but it's not enough to override a Presidential veto.
What's your take on this? đ€ Let's discuss below! #CryptoNews #USPolitics #CryptoCustody