Companies must disclose digital assets theyre holding and the risks associated with safeguarding customers cryptographic key information. The sec said safeguarding. On , the executive office of the president issued a statement opposing the passage of house joint resolution 109, which challenges the secs staff accounting bulletin 121 on. The house postponed the vote on overriding president bidens veto of h. j. 109, rescheduling it for july 11th at 10:30 am.
President joe biden has vetoed h. j. res. 109, a congressional resolution that would have overturned the securities and exchange commission's current approach to banks and. President joe biden on may 31 vetoed a congressional resolution that would have overturned sec guidance hindering banks ability to custody digital assets. The bill, h. j. res. 109, would strike down the secs staff accounting bulletin (sab) no. 121, which requires banks to keep customers crypto on its balance sheets, with capital. 109 is a resolution seeking to quash the secs sab 121, which restricts financial institutions from acting as custodians for digital assets like bitcoin. If the resolution fails, a new bill may be introduced.
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