The House Financial Services Committee has voted to advance a resolution that could overturn the controversial Staff Accounting Bulletin No. 121.
The House Financial Services Committee (HSFC) has voted in favor of a resolution that seeks to overturn a United States Securities and Exchange Commission guideline that has prevented banks from getting in on crypto custody.
In a Feb. 29 markup hearing, 31 HSFC members from both sides of the political aisle voted in favor of the resolution, with 20 members voting against it.
"By overturning SAB 121, the Resolution will ensure consumers are protected by removing roadblocks that prevent highly regulated banks from acting as custodians of digital assets," said the House Financial Services Committee in a statement.
