# Senate Votes to Repeal SEC Crypto Rule

Source: https://www.bankless.com/senate-repeals-sec-rule
Kiwi News: https://news.kiwistand.com/stories/Senate-Votes-to-Repeal-SEC-Crypto-Rule?index=0x664658fb2e2925ed294ef6e8bea769b8e6742bba6ce1bffe896d179e9df5dc88393f09b7
Submitted by misha on 2024-05-16 UTC, 3 upvotes, 2 comments

## Summary

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."

## Article

The U.S. Senate joined the House of Representatives in voting to approve a resolution to overturn the SEC's controversial crypto accounting policy, SAB 121. All eyes turn now to President Biden, who has previously said he would veto the resolution.

What’s the scoop?

In a 60-38 vote, the Senate just moved to repeal 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.

With Republicans leaning harder into pro-crypto positions lately, it’s notable that a dozen Democrats, including Senate Majority Leader Chuck Schumer (D-N.Y.), voted against SAB 121, reflecting bipartisan opposition to the policy.

In a recent statement, President Biden said he would veto the resolution as it could “constrain the SEC’s ability to ensure appropriate guardrails and address future issues related to crypto-assets.”

Bankless take:

This vote is notable for many reasons. It’s the first crypto bill to pass both houses of Congress. It’s a big win for the space against an increasingly hawkish SEC. It shows growing bipartisan interest in shaping crypto policy. Plus, it offers President Biden, increasingly seen as unfriendly to crypto, a chance to sign a pro-crypto bill into law.

The grand question now is whether President Biden will relent on his veto promise. Of course, his appetite may have dwindled upon high-profile Democrats coming out in favor of the resolution, and Senate Majority Leader Chuck Schumer has the President’s ear, so he may back down. If President Biden does veto the resolution, look for his legacy on crypto to take another big hit and for potential override attempts in Congress in the coming months.

SAB 121 CRA —first standalone crypto bill ever to pass both chambers of Congress—SAILS through the Senate 60-38.

Dems voting for CRA/against WH & SEC: **Schumer** Gillibrand Hickenlooper Peters Tester Sinema Rosen Kelly Casey Booker Lujan Wyden

(Biden still expected to veto) pic.twitter.com/maxjgVSXqP

— Alexander Grieve (@AlexanderGrieve) May 16, 2024

## Comments

**macbudkowski.eth**: Finally some bullish news :)

**misha**: We are so back lol

https://warpcast.com/lght.eth/0xfda67caa