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4 Comments
tldr; The U.S. House is set to vote on Wednesday to potentially overturn President Joe Biden’s veto of legislation that aimed to nullify the SEC’s Staff Accounting Bulletin 121 (SAB 121), which requires banks holding crypto assets as custodians to list those assets as liabilities. This rule has deterred banks from entering the crypto custody space. The House previously voted against the SEC’s crypto custody rules, and the upcoming vote requires a two-thirds majority in both houses to succeed. This follows bipartisan support in both the House and Senate against SAB 121, highlighting the significant interest and debate surrounding the regulation of crypto assets.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Does “custody crypto assets” mean holding for a customer (e.g. custody like Coinbase does) or having any assets on their balance sheets in crypto at all (e.g. having and using a settlement token)?
On a slightly related note, will people vote Trump on his now U-turn pro crypto stance?
Liars talking about lies.