In a showdown in Washington, the U.S. Congress has taken steps to challenge the Securities and Exchange Commission (SEC) over a controversial policy related to digital assets.

The issue centers on the SEC’s Staff Accounting Bulletin No. 121 (SAB 121), which has sparked fierce debate among lawmakers, the Bitcoin community, and banking executives.

SAB 121, introduced in 2022, requires banks and other publicly traded companies to account for customers’ digital assets on their balance sheets and maintain capital against them.

This rule aims to enhance transparency and protect investors by highlighting the obligations and risks associated with safeguarding these…

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