U.S. Senate to Vote on Overturning SEC's Controversial Anti-Crypto Rule on May 16

May 16, 2024, 02:15 PM

The U.S. Senate is set to vote on May 16 at 10 AM on Joint Resolution 109 to overturn the SEC's controversial Staff Accounting Bulletin (SAB) 121, which discourages financial institutions from being custodians of digital assets. The vote follows the House's approval of the resolution. Sources indicate there is sufficient Democratic support for its passage. However, President Biden has threatened to veto the bill if it passes the Senate. Senator Cynthia Lummis has urged her colleagues to vote in favor of the legislation, arguing that highly regulated financial firms should be allowed to custody Bitcoin and other cryptocurrencies.