House passes bill reversing SEC’s crypto accounting decision.

TLDR:

• The U.S. House of Representatives voted to overturn the SEC’s cryptocurrency accounting guidance.
• Democrats protested the bill and the White House pledged to veto it.

Lawmakers in the U.S. House of Representatives passed a bill to undo the controversial cryptocurrency accounting guidance issued by the Securities and Exchange Commission. Despite protests from Democrats and a White House pledge to veto the bill, it was still approved. This move signifies a shift in how cryptocurrencies are being regulated and accounted for in the United States.

The SEC’s guidance on cryptocurrency accounting has been a subject of debate and scrutiny, with many in the industry calling for more clarity and flexibility in the regulations. The bill passed by the House signals a willingness to revisit and potentially revise the existing guidelines to better accommodate the rapidly evolving cryptocurrency market.

It remains to be seen how this bill will impact the SEC’s enforcement actions and regulatory approach towards cryptocurrencies in the future. The outcome of this legislative move could have far-reaching implications for the crypto industry and how it operates within the legal framework of the United States.