According to Foresight News, the US House Financial Services Committee (HSFC) has voted against the guidelines set by the US Securities and Exchange Commission (SEC) to prevent banks from participating in cryptocurrency custody. During a hearing on February 29, 31 members of the HSFC from both political parties supported overturning the SEC's guidelines on preventing banks from participating in cryptocurrency custody, while 20 members opposed it. The HSFC stated in a release, 'By overturning SAB 121, barriers will be removed for highly regulated banks to act as digital asset custodians, ensuring consumer protection.' Previously, the SEC had required institutions holding crypto assets in custody to record them as liabilities on their balance sheets in March 2022.