🔴U.S. House to vote on overturning Biden’s veto on crypto custody rules🔴

The U.S. House will vote on a proposal to reverse President Joe Biden’s veto on a measure that had nullified the Securities and Exchange Commission (SEC)’s Staff Accounting Bulletin 121, or SAB 121.

Biden rejected the bill after the House voted against the disputed crypto custody regulations.

SAB 121 requires that banks holding crypto assets must list such assets as liabilities on their balance sheets. This has essentially led banks and other institutional providers that could enter the crypto space as custodians to avoid the crypto asset class.

The SEC initially introduced the guidance in 2022 and the House voted to nullify it in early May this year.

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