Overview

• House Republicans push to overturn SEC's Staff Accounting Bulletin 121, arguing it unfairly targets banks and hinders their ability to custody cryptocurrencies.
• Democrats defend the SEC's position, emphasizing investor protection and market integrity as core to the agency's mission.
• The controversy centers on whether the SEC overstepped its authority by issuing guidance without proper rulemaking procedures.
• A bipartisan effort emerges with some Democrats supporting the resolution, reflecting mixed opinions within the party.
• The outcome of the House vote could significantly impact the regulatory landscape for digital assets in the U.S.