On Thursday, the US Senate approved a measure to overturn a Securities and Exchange Commission (SEC) bulletin that sets specific accounting standards for firms that custody cryptocurrencies.
The measure now heads to President Joe Biden’s desk, where it is expected to face a veto. The Senate voted 60-38 in favor of repealing the bulletin, but this is insufficient to override a presidential veto.
Several Democrats, including Senate Majority Leader Chuck Schumer (D-N.Y.), supported the measure. Other notable Democrats who voted for the repeal included Sen. Cory Booker of New Jersey and Jon Tester of Montana.
The House of Representatives passed the same measure last week, with a vote of 228-182. Most Republicans supported the measure, along with 21 Democrats. However, this vote count falls short of the two-thirds majority needed to override a presidential veto.
The SEC Staff Accounting Bulletin No. 121 (SAB 121), first introduced in 2022, has been controversial within the crypto industry.
