The US House of Representatives passed H.J. Res. 109, which seeks to overturn the Securities and Exchange Commission's SAB 121 regulation on digital assets. The resolution aims to reduce regulatory burdens and promote safer custody of digital assets by regulated banks. However, the White House backed the SEC with a veto threat, stressing that if the president receives H.J. Res. 109, he will veto it.
The House Financial Services Committee explained that H.J. Res. 109 overturns the SEC's SAB 121 Act under the Congressional Review Act (CRA). By overturning SAB 121, this bipartisan resolution removes barriers that prevent tightly regulated Financial Institution Groups and corporations from acting as custodians of digital assets, ensuring that consumers are protected.
The US House of Representatives has passed the overturning of the SEC's SAB 121 crypto rule
2024-05-10 00:33:18
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