The U.S. House of Representatives is preparing to vote to repeal the SEC's cryptocurrency custody accounting policy

A resolution in the U.S. House of Representatives that will start a formal process to repeal the Securities and Exchange Commission's controversial cryptocurrency custody accounting policy is expected to be voted on Wednesday. U.S. President Joe Biden has said he will veto the resolution if it comes to his desk. The U.S. House of Representatives is poised to vote on a resolution on Wednesday to veto the Securities Exchange Commission's (SEC) guidance on cryptocurrency accounting that industry insiders say prevents banks from handling cryptocurrency customers, but President Joe Biden has promised to veto the effort if the resolution comes to his desk.