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BIG WIN FOR CRYPTO 🤑
BREAKING: U.S. Senate Votes to Kill SEC's Crypto Accounting Policy, Testing Biden's Veto Threat

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The US Senate just voted in favour of repealing the SEC’s controversial SAB 121 crypto policy.

The Senate voted 60-38 to overturn the policy.

But what exactly is SAB 121? 🤷‍♀️

Here’s the rundown:

The SEC Staff Accounting Bulletin (SAB 121), was first published in 2022 and has drawn controversy over the past year over concerns in the crypto industry that it could prevent banks from safeguarding digital assets. It requires firms that custody crypto to record customer crypto holdings as liabilities on their balance sheets.

One of the reasons SAB 121 is so controversial is because it doesn’t apply to traditional assets like stocks.

Senator Cynthia Lumis, who pushed for the resolution in the Senate, had this to say:

This is a win for financial innovation and a clear rebuke of the way the Biden administration and Chair Gary Gensler have treated crypto assets and marks the first time both chambers of Congress have passed standalone crypto legislation,"


Senator Cynthia Lumis
Senator Lumis even updated her Twitter profile picture to include the popular crypto meme “laser eyes”.

A clear indication of her support for the crypto industry.

CL tweet
Rep. Mike Flood, another politician who pushed for the resolution, called this decision a “landmark result”:

“It is clear there is overwhelming opposition to SAB 121, and I urge President Joe Biden to reconsider his previous statement of intent to veto the resolution. The President should sign my resolution to ensure the SEC reverses course and sets America on a path to growing our digital financial future,”


Rep. Mike Flood
But it’s not over yet…

Before this decision was made, President Joe Biden vowed to veto the resolution if the Senate voted in favour.

It’ll be interesting to see what Biden actually does…

Regardless though, today is a victory for the crypto industry. 🥳