Senate approves reversal of SEC crypto custody bulletin

Overview of Crypto Regulation Update:

The U.S. Senate’s decision to overturn an SEC bulletin on crypto custody standards is pending President Joe Biden’s expected veto. The vote fell short of the two-thirds majority needed to override the veto, with bipartisan support but not enough to counter the decision.

Senate Vote on SEC Bulletin:

The Senate’s vote resulted in a 60 to 38 majority against the SEC bulletin, mirroring a similar move in the House. While predominantly supported by Republicans, some Democrats also backed the resolution, highlighting bipartisan backing in the crypto regulation debate.

Controversy Surrounding SEC Staff Accounting Bulletin 121:

SEC Staff Accounting Bulletin 121, issued in 2022, requires firms handling crypto to list customer holdings as liabilities. This regulation has sparked debate within the cryptocurrency industry, with critics concerned about potential impact on banks safeguarding digital assets.

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