"US Congress Pushes for Crypto Custody Resolution Amid SEC Controversy"
The House Financial Services Committee advanced a resolution to overturn the SEC's Staff Accounting Bulletin 121 (SAB 121), which has hindered banks from offering crypto custody services, with bipartisan support. The resolution aims to utilize the Congressional Review Act to revoke what is seen as an "unlawful rule" and has garnered significant industry support. Repealing SAB 121 is crucial for institutional adoption of crypto and could address concerns over concentration risk in bitcoin custody for ETFs, as well as rectify the overreach of the SEC guideline.