The House Financial Services Committee, led by Chairman Patrick McHenry, has convened to address a significant legislative markup involving fintech, housing, and national security. A key focus is the bipartisan effort to counteract the implications of the SEC's Staff Accounting Bulletin (SAB) 121 on digital assets, criticized for its impractical bank capital requirements and for discouraging regulated banks from serving as custodians for digital assets, thereby leaving consumers unprotected and stifling the digital asset industry's growth. Representatives Mike Flood and Wiley Nickel have spearheaded a bipartisan resolution to reverse this 'unlawful rule' through the Congressional Review Act, successfully passing the committee markup and moving to the House floor. This initiative addresses concerns over 'SEC overreach' under Gary Gensler's leadership and is seen as a vital step for 'investor protection' and adhering to the legal rulemaking process. The committee's actions underscore the broader legislative concern regarding the SEC's regulatory stance on the crypto industry, highlighting the need for a regulatory framework that fosters innovation while ensuring consumer protection.