According to Odaily Planet Daily, on Wednesday, Federal Reserve Chairman Jerome Powell testified before the U.S. House of Representatives Financial Services Committee, and Congressman Josh Gottheimer asked him questions about the U.S. SEC's Staff Accounting Bulletin (SAB) 121. The bulletin requires banks to include custodial digital assets on their balance sheets, which greatly increases the cost of providing digital asset custody services. Powell confirmed the position that custodial assets do not belong on the balance sheet, but did not comment on the U.S. SEC's policy. Critics believe that SAB 121 weakens banks' ability to provide secure digital asset custody and increases consumer risks. 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 regulatory framework for digital assets.