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US House Approves Bill Allowing Banks to Hold Bitcoin – What This Means for Your Money

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The US House has taken a significant step towards allowing financial firms to hold Bitcoin, a popular form of cryptocurrency, with the advancement of a new bill. This move could open up new opportunities for companies to invest in and utilize digital assets. Stay tuned for more updates on this developing story.





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The US House recently made a decision that could have a big impact on the world of cryptocurrency. They voted to overturn a bill that restricted financial firms from serving as custodians for Bitcoin and other digital currencies. The bill in question, H.J. Res. 109, aims to undo the SEC’s Staff Accounting Bulletin No. 121, which placed limitations on how financial institutions could handle digital assets like Bitcoin.

Now, this bill will head to the Senate for review. However, President Joe Biden has already expressed his stance on the matter. He stated that he would veto the bill if presented to him. The Administration believes that overturning the SEC’s restrictions could harm investors in the crypto Market and pose risks to the financial system.

H.J. Res. 109 has garnered bipartisan support, but it faces an uncertain future in the Senate, especially with the Democratic Party in control. The House vote showed little Democratic backing for the bill, suggesting a potential roadblock in its path to becoming law.

While the fate of H.J. Res. 109 remains unclear, one thing is certain – the debate around financial firms holding Bitcoin is far from over. Stay tuned for updates on this evolving story.

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1. Can financial firms now hold Bitcoin under the new bill?
Yes, the US House has advanced a bill that would allow financial firms to hold Bitcoin.

2. Why is this bill significant for financial institutions?
This bill would give financial firms the legal framework to offer Bitcoin-related services to their customers.

3. Will this bill make Bitcoin more mainstream?
Yes, if passed into law, this bill could help increase the adoption of Bitcoin by legitimizing its use among financial institutions.

4. Are there any risks associated with financial firms holding Bitcoin?
Like any investment, there are risks associated with holding Bitcoin, such as volatility in its price.

5. How can consumers benefit from financial firms holding Bitcoin?
Consumers may benefit from increased access to Bitcoin-related services and potentially new investment opportunities through their financial institutions.

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