Senate Votes to Repeal SEC Crypto Rule

The U.S. Senate voted 60-38 to approve a resolution overturning the SEC's Staff Accounting Bulletin No. 121 (SAB 121), a policy requiring firms that custody crypto to record customer holdings on their balance sheets as liabilities. A dozen Democrats, including Senate Majority Leader Chuck Schumer (D-N.Y.), joined Republicans in voting for the resolution, which the article describes as the first standalone crypto bill to pass both chambers of Congress. President Biden has said he would veto the resolution, arguing it could "constrain the SEC's ability to ensure appropriate guardrails and address future issues related to crypto-assets."