U.S. House panel votes down controversial SEC escrow guidelines

The U.S. House of Representatives Financial Services Committee voted to pass a resolution opposing the SEC's controversial Staff Accounting Bulletin No. 121, commonly known as SAB 121, which requires regulated financial institutions to mark up customers' crypto assets on their own balance sheets. The vote was bipartisan with 31 members voting in favor and 20 members voting against. Each member also voted in favor of a bill that would provide the U.S. Secret Service with additional resources to investigate illegal activities and cybercrimes related to cryptocurrencies. The full House and Senate are said to have to vote on the resolution for it to take effect, and if it does, it would prevent the US SEC from issuing similar guidance in the future.