The U.S. House of Representatives has voted to overturn a bill that would ban financial companies from acting as custodians of Bitcoin and other cryptocurrencies. Proposed Bill, H.J. Res. This bulletin would impose restrictions on financial institutions regarding the custody of digital assets under the Congressional Review Act (CRA).
The bill will now be considered by the Senate. However, the endpoint, the executive branch, has already revealed its decision on the proposed crypto promotion bill. Early Wednesday morning, President Joe Biden said he would veto any bill that could overturn the SEC's SAB 121. 109 will disrupt the work of the Securities and Exchange Commission (SEC), which protects investors in the crypto asset markets and protects the broader financial system,” the Executive Office said.
“If the President were presented with H.J. Res. 109, he would veto it.”
President executive department
Also read: President Biden vetoes bill that would allow financial institutions to hold Bitcoin
H.J.Res. 109 already has a lot of bipartisan support. The bill would remove obstacles that prevent highly regulated financial institutions from acting as custodians of digital assets like Bitcoin. The Democratic-led Senate will have the next say in the bill's future, but could vote to side with Biden and reject it.
A vote in the U.S. House of Representatives will further sway this idea, with little Democratic support for moving forward with the new bill. It will take several days for the bill to be voted on in the Senate, but with Democrats in charge, a decision will likely come sooner.
