House Delays Vote on Repeal of Crypto Custody Requirements Bill

House Delays Vote on Repeal of Crypto Custody Requirements Bill

The House of Representatives has postponed its vote on a bill that would have repealed the controversial Statement of Accounting Bulletin (SAB) 121 on crypto custody requirements. The vote, which was scheduled for today, has been delayed by one day, according to a tweet by Fox Business reporter Eleanor Terrett. The bill, known as the Eliminate Barriers to Innovation Act, was initially introduced in the House in June 2022. It was passed by the House in September but was later vetoed by President Biden. The Biden administration has argued that SAB 121 is necessary to protect investors and prevent money laundering and other illicit activities. The delay in the vote on the repeal bill comes as the crypto industry continues to face regulatory scrutiny. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have both brought enforcement actions against crypto companies in recent months. The outcome of the vote on the repeal bill is uncertain, but it is likely to be closely watched by the crypto industry and investors alike. If the bill is passed by the House, it will move to the Senate for consideration. If it is passed by both the House and the Senate, it will be sent to President Biden for his signature.