Resolution to Repeal SEC Guidance SAB 121: U.S. Senate Support
Date: 2024-05-18 Author: Gabriel Deangelo Categories: IN WORLD
The Senate approved a resolution on cryptoassets
The US Senate voted in favor of a resolution to repeal SEC guidance SAB 121, which has caused discontent in the cryptocurrency industry. This accounting bulletin directed banks to record clients' crypto assets on their balance sheets. The voting ended with a score of 60 in favor and 38 against.
Anti-innovation Measure
The Blockchain Association called SAB 121 an "anti-innovation accounting bulletin" because it limited the development of the cryptocurrency space. The bulletin drew widespread criticism for requiring banks to list customers' cryptocurrency on their balance sheets.
Pressure on Biden
The resolution must now be considered by President Joe Biden. Previously, he expressed his intention to use the veto to block this initiative. Biden and other supporters of SAB 121 worry that the measure could fall under the Congressional Review Act, which could affect future SEC initiatives.
Return to Congress
If the president uses his veto, the resolution will return to Congress. Reconsideration would require the support of two-thirds of its members. This is causing concern in the community as it could slow down the development of the cryptocurrency industry.
Reaction of Individual Senators
In response to this news, Senator Cynthia Lummis changed her social media avatar to a Bitcoin maximalist character. This is a symbol of her support for the cryptocurrency community.
