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International Business Times
International Business Times
Business
Marvie Basilan

Kill Bill: Biden Administration Vows To Veto Resolution Overturning Controversial SEC Bulletin

SEC Joe Biden Mike Flood Gary Gensler United States Crypto French Hill John Rose Patrick McHenry Tom Emmer
The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C. (Credit: Reuters)

KEY POINTS

  • The Biden administration said the resolution limits the SEC's work in protecting investors
  • Rep. McHenry said SAB 121 was 'cost prohibitive' for custody firms
  • Rep. Flood said the bulletin was not the right avenue to promote custodial accounting guidance

The House of Representatives on Wednesday passed a resolution to repeal a highly controversial Securities and Exchange Commission (SEC) bulletin that placed certain guardrails on firms that offer cryptocurrency custodial services.

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