House Votes to Overturn SEC Crypto Custody Rule, Senate Review Next
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The US House of Representatives passed a resolution with 228 votes to overturn an SEC bulletin on cryptocurrency custodian accounting. The rule was issued in 2022 and required firms to list cryptocurrencies held by customers as liabilities. This results in industry debate over burdens relating to regulations. The Chair of the House Financial Services Committee, Patrick McHenry, criticized the SEC’s stringent essentials, while Representative Maxine Waters defended the need for transparency. This resolution now encounters Senate review, as the White House signals an intent to veto, stating concerns over financial stability. Senator Cynthia Lummis also supports the measure.
