Crypto Enthusiast US Senator Pushes Senate to Legalize Bank Crypto Custody
CryptoNewsTerminal Staff16 May, 2024
Crypto Enthusiast US Senator Pushes Senate to Legalize Bank Crypto Custody
Cynthia Lummis, a US Senator who is recognized for her strong support of cryptocurrencies, has recently urged the Senate to pass a bill that would permit banks and other strictly regulated financial institutions to keep Bitcoin and other cryptocurrencies. Earlier, the US House of Representatives had passed a bipartisan resolution (H.J. Res. 109) that would have rendered the Financial Accounting Standards Board’s (FASB) guidelines on banks' crypto custody (SAB 121) invalid. However, the White House stated it would veto the resolution since it interfered with the SEC’s efforts to protect investors, while Senator Lummis expressed her support for its approval. According to several sources cited by cryptocurrency news outlet Coindesk, H.J. Res. 109 is likely to be approved in the Senate, with at least one Democrat expected to vote in favor.
