US Senate passes measure withdrawing SEC accounting bulletin
Powered by @unfolded- The US Senate has passed a measure to overturn the Securities and Exchange Commission's (SEC) accounting bulletin, SAB 121, which establishes accounting standards for crypto custody firms.
- The measure will likely be vetoed by President Joe Biden, as it does not have enough votes to override a presidential veto.
- The House of Representatives previously passed the same measure, but also lacked the votes to override a veto.
- The SEC's SAB 121 has been controversial in the crypto industry, with concerns that it could prevent banks from safeguarding digital assets.
https://www.theblock.co/post/294949/us-senate-passes-measure-withdrawing-sec-accounting-bulletin