The 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.