House Republicans Challenge SEC’s Restrictive Crypto Banking Policy: Impact on Bitcoin (BTC) and Altcoins

• Pro-crypto Republicans are challenging the U.S. Securities and Exchange Commission (SEC) over its guidance on crypto custody services.
• The House of Representatives will vote on a resolution expressing disapproval of the SEC’s Staff Accounting Bulletin (SAB) 121.
• Rep. Mike Flood (R-Nebraska) and other critics argue that the SEC’s guidance discourages banks from offering crypto custody services and is an overreach of regulatory authority.

Republicans are taking aim at the U.S. Securities and Exchange Commission (SEC) over its guidance on crypto custody services, arguing it discourages banks from offering these services and represents an overreach of regulatory authority.