The US House of Representatives has passed a resolution to overturn the SEC's cryptocurrency accounting standards announcement
2024-05-08 22:25:49
The U.S. House of Representatives passed a resolution to overturn the SEC's announcement on cryptocurrency accounting standards. The vote was 228-182, showing a clear partisan divide. The announcement requires banks to record customers' cryptoassets as liabilities, sparking industry controversy and concerns that it could hinder services. Republicans supported the resolution, but the White House said the president would veto the move, fearing that it could spark financial instability. Democrats have accused the move of weakening the SEC's authority. The resolution will go to the Senate for consideration and faces more partisan controversy.
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