House Committee Moves to Overturn SEC Crypto Custody Rule

The House Financial Services Committee has opposed the proposed Securities and the Exchange Commission(SEC) Staff Accounting Bulletin 121(SAB 121), a regulation that has become a heated ‘bone of contention’ between the financial and cryptocurrency groups. Consequently, the committee’s vote to advance a resolution disapproving of SAB 121 marks a significant step towards altering the landscape of crypto asset custody in the United States.