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US Senate passes bill on SEC accounting bulletin withdrawal.

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Article Summary

TLDR:

Key Points:

  • Senate passes measure to overturn SEC accounting bulletin on crypto custody.
  • President Joe Biden likely to veto the measure.

Key Elements:

The US Senate passed a measure to overturn the SEC’s SAB 121 accounting bulletin that sets standards for crypto custody. The measure is expected to be vetoed by President Biden.

The House previously voted in favor of overturning SAB 121, but did not reach the two-thirds majority needed to override a presidential veto.

The SEC Staff Accounting Bulletin, SAB 121, has been controversial in the crypto industry, with concerns about its impact on banks safeguarding digital assets.

The White House believes maintaining SAB 121 is crucial for financial stability and market certainty in the crypto industry.

The industry and critics are divided on the potential veto, with arguments for consumer protection and financial disclosures.

The measure’s passage under the Congressional Review Act could have long-term effects on the SEC’s ability to issue similar rules in the future.

Despite grassroots and industry engagement, the resolution to overturn SAB 121 is expected to face a veto from President Biden.

The ongoing debate in Congress shows a growing awareness and interest in regulating the crypto industry.


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