On Wednesday, the U.S. House of Representatives passed the bipartisan H.J. Res. 109 to repeal the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin No. 121 (SAB 121). The resolution aims to remove excessive regulatory burdens imposed on financial institutions and firms acting as custodians of digital assets.

The House Financial Services Committee explained:

H.J.Res. 109 overturns the SEC’s SAB 121 under the Congressional Review Act (CRA). By overturning SAB 121, the bipartisan resolution ensures consumers are protected by removing roadblocks that prevent highly regulated financial institutions and firms from acting as custodians of digital assets.

House Financial Services Committee Chair Patrick McHenry (R-NC) remarked: “Staff Accounting Bulletin 121 is one of the most glaring examples of the regulatory overreach that has defined Gary Gensler’s tenure at the SEC.”

The lawmaker added: “SAB 121 requires financial institutions and firms that are safeguarding their customers’ digital assets to hold those assets on their balance sheet, making it cost prohibitive to do so … This resolution will allow consumers to hold their digital assets in one of the safest ways possible — through highly regulated banks and other financial institutions.”

Earlier on Wednesday, the White House issued a Statement of Administration Policy opposing H.J. Res. 109, arguing it would weaken the SEC’s capacity to protect investors and maintain financial stability in the crypto-asset markets.

“The administration strongly opposes passage of H.J. Res. 109, which would disrupt the Securities and Exchange Commission’s (SEC) work to protect investors in crypto-asset markets and to safeguard the broader financial system,” the statement reads. “It could also inappropriately constrain the SEC’s ability to ensure appropriate guardrails and address future issues related to crypto-assets including financial stability,” the White House added, highlighting:

Limiting the SEC’s ability to maintain a comprehensive and effective financial regulatory framework for crypto-assets would introduce substantial financial instability and market uncertainty. If the President were presented with H.J. Res. 109, he would veto it

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