{"id":133016,"date":"2024-07-13T11:30:31","date_gmt":"2024-07-13T08:30:31","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=133016"},"modified":"2024-07-13T09:12:57","modified_gmt":"2024-07-13T06:12:57","slug":"us-house-fails-to-overturn-sec-crypto-custody-guidance","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/us-house-fails-to-overturn-sec-crypto-custody-guidance\/","title":{"rendered":"US House Fails to Overturn SEC Crypto Custody Guidance"},"content":{"rendered":"

This guidance mandates that banks and other financial institutions treat cryptocurrencies held on behalf of clients as liabilities on their balance sheets. This requirement has been contentious within the financial sector, as it complicates the offering of crypto custody services by large institutions.<\/p>\n

Despite passing a bipartisan Congressional Review Act (CRA) resolution in both the House and Senate to nullify SAB 121, President Biden vetoed the measure back in May. The House vote to overturn the veto fell short of the required two-thirds majority, resulting in a 228-184 outcome on July 11.<\/p>\n

Supporters of nullifying SAB 121 argue that the guidance diverges significantly from traditional accounting practices for custodial assets and poses challenges to providing secure custody of digital assets.<\/p>\n