US Senate Votes to Overturn SEC’s Crypto Accounting Policy
The US Senate has joined the House of Representatives in a bid to overturn the Securities and Exchange Commission’s (SEC) controversial crypto policy, known as Staff Accounting Bulletin No. 121 (SAB 121).
Despite this legislative move, President Joe Biden has pledged to veto the resolution. The Senate voted 60-38 to rescind the policy.
However, Biden warned that repealing the rule via this method would disrupt efforts to protect investors in crypto-asset markets and safeguard the broader financial system.
A dozen Democrats sided with a majority of Republicans, ensuring the resolution comfortably surpassed the simple majority needed to pass. Nevertheless, the resolution failed to secure enough votes to be veto-proof.
Notably, Senate Majority Leader Chuck Schumer (D-N.Y.) broke ranks with his party leader to oppose the SEC’s stance on crypto, joining other key Democratic figures in this dissent. Sen. Cynthia Lummis (R-Wyo.), who spearheaded the resolution in the Senate, criticized SAB 121 as a “disaster” failing to protect consumers.
