The House voted to pass a measure aimed at overturning a controversial Securities and Exchange Commission bulletin that establishes certain accounting standards for firms that custody crypto.

The House voted 228-182 on Wednesday, with mostly Republicans in favor of the measure. Twenty-one Democrats voted for it.

The bulletin, which was first published in 2022, has drawn controversy over the past year over concerns in the crypto industry that it could prevent banks from safeguarding digital assets. It requires firms that custody crypto to record customer crypto holdings as liabilities on their balance sheets.

It's unclear if the measure will become law. On Wednesday, the White House released a "statement of administration policy" saying President Joe Biden would veto it.

The White …