Senate Votes to Repeal SEC's Crypto Rule Amid Presidential Veto Threat
May 16, 2024The US Senate has voted 60-38 to overturn the SEC's crypto policy, SAB 121, with bipartisan support.
SAB 121 required crypto custodians to report liabilities and assets, which was seen as a barrier for banks in providing crypto services.
President Biden is expected to veto the Senate's resolution, emphasizing investor protection and financial system concerns.
A presidential veto would necessitate a two-thirds majority in Congress to be overridden, a significant hurdle.
The cryptocurrency industry views the Senate's resolution as a major victory and a pushback against what they see as overregulation.
The Senate's vote signals a growing dissatisfaction with current SEC regulations impacting the crypto sector.
Summary based on 9 sources
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Sources
CoinDesk • May 16, 2024
U.S. Senate Votes to Kill SEC's Crypto Accounting Policy, Testing Biden's Veto ThreatCointelegraph • May 16, 2024
US Senate passes resolution overturning SEC crypto rule on banksBitcoin Magazine - Bitcoin News, Articles and Expert Insights • May 16, 2024
Senate Passes Bill to Overturn SEC Rule on Bitcoin And Crypto Custody, Biden Threatens VetoBlockworks • May 16, 2024
Senate passes resolution to overturn SAB 121