"Lawmakers Push SEC on Crypto, Consumer Trust in Banks' AI, and House Panel Votes on Controversial SEC Guidance"

The U.S. Securities and Exchange Commission (SEC) is facing pressure from lawmakers to ease its oversight of the crypto industry, with criticism mounting over the enactment of Staff Accounting Bill 121 and the SEC's authority over crypto firms. The House Financial Services Committee voted to appeal SAB 121, which has been used to prevent banks from acting as custodians of digital assets, while eleven state attorneys general filed a joint brief challenging the SEC's authority in a lawsuit against crypto exchange Kraken's parent company. SEC Commissioner Hester Peirce also acknowledged the regulator's "enforcement-only mode," expressing the need for clearer rules to alleviate developers' concerns about legal repercussions.