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US House to vote on whether to overturn SEC guidance on crypto custody
House lawmakers are poised to vote Wednesday on whether to overturn a Securities and Exchange Commission staff bulletin related to accounting in digital assets custody. Why it matters: SAB 121 has becoming something of a lightning rod, uniting crypto shops and major banks against the SEC. Catch up quick: The guidance memo — officially Staff Accounting Bulletin (SAB) 121 — asks custodians of digital assets to account for them as a liability on their balance sheets. • Critics argue that it would deter banks from scaling a crypto business by imposing onerous capital requirements. The big picture: The issue has ... (full story)