Crypto Blog
.A Republican-led effort to free American banks to provide crypto custody services has been shut down by the Democrat-led White House.
Hours before the vote began, however, the Biden Administration stated its intention to veto the resolution if it manages to pass through the House and Senate.“H.J. Res.109 would disrupt the SEC’s work to protect investors in crypto-asset markets and to safeguard the broader financial system,” wrote the Office of the President. “If the President were presented with H.J. Res. 109, he would veto it.”
Wednesday’s resolution passed through the House, but only with 55% of the vote. All Republicans voted in favor, alongside 26 Democrats.According to the act’s sponsor, Mike Flood , the SEC did not consult the appropriate Federal banking agencies before publishing SAB 121, taking shortcuts around the traditional rulemaking process.
“SAB 121 requires financial institutions and firms that are safeguarding their customers’ digital assets to hold those assets on their balance sheet, making it cost prohibitive to do so,” said Financial Services Committee chair Patrick McHenry in a
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