According to The Block, the US Senate voted 60 to 38 to overturn the controversial cryptocurrency accounting rule by the Securities and Exchange Commission (SEC). The SEC’s Staff Accounting Bulletin No. 121 (SAB 121), issued in 2022, requires companies to record their holdings of cryptocurrencies on their balance sheets, and custodians of cryptocurrencies must list their customers’ holdings as liabilities on their balance sheets.
This rule has sparked controversy in the cryptocurrency industry over the past year, with concerns that it is overly burdensome and may hinder banks from custodializing digital assets. Last week, the House of Representatives also voted in favor of overturning SAB 121 with a vote of 228 to 182, with majority Republicans supporting the measure and 21 Democrats also in favor.
However, all of this may be in vain. As the votes in both chambers of Congress did not reach the two-thirds majority threshold required to override a presidential veto, the final outcome will depend on President Biden. However, the White House issued an Executive Policy Statement last week stating that President Biden will veto the vote to overturn SAB 121. The White House stated:
“Many industry insiders criticize the Biden administration for supporting SAB 121.” Cody Carbone, Vice President of Policy for the Digital Commerce Chamber, stated in an interview:
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