US Senate Votes To Eliminate Controversial SEC Crypto Policy After President Biden Vows Veto

US Senate Votes To Eliminate Controversial SEC Crypto Policy After President Biden Vows Veto


The US Senate just passed a bill overturning SEC guidelines that disincentivize banks and large financial institutions from holding Bitcoin and crypto assets.

The legislation, which succeeded in the House last week, has now passed the Senate in a 60-38 vote and is headed to President Biden’s desk.

The bill reverses an SEC accounting rule that forces banks holding crypto on behalf of clients to label those assets as liabilities on the banks’ balance sheets.

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Pro-Bitcoin Senator Cynthia Lummis says the legislation’s passage signals the beginning of a new pro-political era for the industry.

“The Senate passing a CRA overturning SAB 121 is a win for financial innovation and a clear rebuke of the way the Biden admin and Gary Gensler have persecuted crypto.

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