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Senate approves bill blocking SEC guidance on crypto accounting.

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TLDR:

  • The U.S. Senate passed a bill to overturn the SEC’s crypto accounting guidance.
  • The bill will be sent to the president’s desk but may face a veto.

Key Elements of the Article:

The U.S. Senate recently voted to send a bill to the president’s desk that aims to block the controversial crypto accounting guidance issued by the U.S. Securities and Exchange Commission.
The bill, if enacted, would overturn the SEC’s guidance, which has been a point of contention in the cryptocurrency industry.
However, it is important to note that the bill may face a potential veto from the White House, as it did not receive the necessary votes to override a potential veto.

The SEC’s crypto accounting guidance has been criticized for its impact on the cryptocurrency market and its lack of clarity on how digital assets should be accounted for.
Many in the industry argue that the guidance stifles innovation and hampers the growth of the cryptocurrency market.

The bill passed by the Senate reflects a broader debate around the regulation of cryptocurrencies and digital assets in the United States.
As the industry continues to evolve, regulators and lawmakers are grappling with how best to oversee and regulate these emerging technologies.
The outcome of this bill could have significant implications for the future of the cryptocurrency market in the U.S.


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