U.S. House of Representatives: Resolution to overturn SEC's SAB 121 crypto rule passed

The U.S. House of Representatives passed H.J. Res. 109, which aims to overturn the SEC's SAB 121 regulation on digital assets. The resolution aims to reduce regulatory burdens and promote safer custody of digital assets by regulated banks. However, the White House supported the SEC and issued a veto threat, emphasizing that if the President receives H.J. Res. 109, he will veto it. The House Financial Services Committee explained that H.J. Res. 109 overturns SAB 121, which was enacted by the SEC under the Congressional Review Act (CRA). By overturning SAB 121, this bipartisan resolution removes obstacles that prevent strictly regulated financial institutions and companies from acting as digital asset custodians, ensuring that consumers are protected. (Bitcoin.com)