U.S. Senate Votes to Kill SEC’s Crypto Accounting Policy, Testing Biden’s Veto Threat

The U.S. Senate joined the House of Representatives on Thursday in seeking to erase the controversial Securities and Exchange Commission (SEC) crypto policy known as Staff Accounting Bulletin No. 121, though President Joe Biden has vowed to veto the resolution.

The Senate voted 60-38 on the effort to overturn the policy, commonly referred to as SAB 121, though the crypto industry may not breathe a sigh of relief over the initiative’s banking constraints, because Biden said that letting the rule be removed this way would disrupt “work to protect investors in crypto-asset markets and to safeguard the broader financial system.”