The U.S. House of Representatives passed a resolution aimed at overturning the SEC's encryption accounting policy

PANews reported on May 9th that, according to The Block, the U.S. House of Representatives has voted in favor of a resolution aimed at overturning the SEC's cryptocurrency custody accounting standards announcement. The vote was 228-182, with majority support from Republicans and 21 Democrats voting in favor. This announcement was first released in 2022 and has sparked controversy over the past year. It requires cryptocurrency custodial companies to record customer-held cryptocurrencies as liabilities on their balance sheets. The crypto industry fears this move could prevent banks from protecting digital assets. It is currently unclear whether this resolution will become law.