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US Senate Votes Against SEC's Crypto Rule

Key Takeaways

  • The Senate voted 60-38 to repeal the SEC’s SAB 121, which mandates banks to list customers' digital assets on their balance sheets;
  • The vote indicates strong bipartisan disapproval of the SEC rule;
  • President Biden plans to veto the resolution, arguing it is needed to manage crypto-related issues.
US Senate Votes Against SEC's Crypto Rule

The United States Senate has passed a resolution calling for the Securities and Exchange Commission (SEC) to repeal a crypto rule.

On May 16, the Senate voted 60 to 38 in favor of H.J.Res. 109, which seeks to nullify the SEC’s Staff Accounting Bulletin No. 121 (SAB 121).

This rule requires banks to list customers' digital assets on their balance sheets, a mandate criticized for hindering innovation in the crypto sector.

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The Blockchain Association emphasized that the 60-38 Senate vote clearly demonstrates bipartisan disapproval of the SEC rule from both houses of Congress.

The vote, as noted by Senator Cynthia Lummis, marked the first time standalone crypto legislation was passed by Congress.

Despite the Senate's approval, President Joe Biden has indicated he will veto the resolution, arguing it is necessary to safeguard and manage future crypto-asset-related issues. If he follows through, the resolution will return to Congress, needing a two-thirds majority to pass again.

The Blockchain Association pointed out that a presidential veto would ignore voters' increasing awareness of crypto's importance.

Representative Mike Flood, one of the resolution's sponsors, also commented about the veto on X:

It is clear there is overwhelming opposition to SAB 121, and I urge <Joe Biden> to reconsider his previous statement of intent to veto the resolution.

However, the White House has not yet issued a statement regarding the resolution's passage.

The Senate's vote highlights a growing legislative push to support the crypto industry. This resolution, if enacted, could mark a shift in how digital assets are treated by financial institutions and regulators in the United States.

As Uniswap Labs CEO Hayden Adams implied, it is particularly important for regulators to reevaluate their stance on crypto given the upcoming presidential election. He specifically addressed Joe Biden, noting that allowing the SEC to take strict measures against crypto entities may push away important voters.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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