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How will Congress respond to the crypto regulation landscape after SAB 121?
5
Resolution / Starting Odds
Introduce more crypto-friendly legislation • 33%
Increase regulatory scrutiny on cryptocurrencies • 33%
Maintain current stance without significant changes • 34%
Legislative activity reports and major political news outlets
Story
U.S. Senate Votes 60-38 to Overturn SEC's Controversial Crypto Rule SAB 121 with Bipartisan Support
May 16, 2024, 02:31 PM
The U.S. Senate has voted 60-38 to overturn the SEC's controversial Staff Accounting Bulletin 121 (SAB 121), which discouraged financial institutions from being custodians of digital assets. The resolution had previously passed the House with significant bipartisan support. Representative Wiley Nickel and other lawmakers criticized the SEC's approach, arguing that it forced President Biden to take sides on a contentious issue. Despite the strong bipartisan backing, President Biden has threatened to veto the bill. The repeal marks a significant moment for crypto regulation in Congress, highlighting a rare agreement between the crypto and traditional finance industries. SEC Chair Gary Gensler faced criticism for the rule, which was seen as the first major piece of crypto regulation.
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Yes • 50%
No • 50%
Increased bipartisan support for crypto regulations • 33%
Increased opposition to crypto regulations • 33%
No significant change in political stance on crypto regulations • 34%
Increased regulation • 33%
Decreased regulation • 33%
No significant change • 34%
Pass a new modified crypto regulation bill • 33%
No further action on crypto regulation • 33%
Reintroduce the same bill with minor amendments • 34%
Introduction of new digital asset bill • 25%
Amendment of existing laws • 25%
Repeal of SAB 121 • 25%
No significant action • 25%
Increase Regulations • 25%
Decrease Regulations • 25%
Maintain Current Level • 25%
Issue New Guidance • 25%
Tougher regulations • 33%
No change in policy • 33%
Relaxed regulations • 34%
Expand cryptocurrency services • 33%
Maintain current services • 33%
Reduce cryptocurrency services • 33%
Significant positive impact on crypto market • 33%
Significant negative impact on crypto market • 33%
No significant impact on crypto market • 34%
Clear guidelines established • 33%
Continued litigation • 33%
No major changes • 33%
Support new bill • 25%
Oppose new bill • 25%
Implement internal changes • 25%
No significant change • 25%