U.S. President Joe Biden may block the U.S. House of Representatives’ decision.
The United States House of Representatives has voted to pass a bill overturning controversial Securities and Exchange Commission (SEC) guidance preventing banks from owning crypto.
The House voted to pass a bipartisan bill titled H.J. Res 109, overturning the SEC’s Special Accounting Bulletin 121 (SAB 121) requiring banks to hold their customers’ crypto assets on their balance sheets, which is not the case for traditional assets such as securities.
Republican Party Representative Mike Flood — who introduced the resolution — said SAB 121 was unfair for banks looking to custody crypto, as custodial assets are “always considered off-balance sheet.”
