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What will be Gary Gensler's next move after the Senate's overturn of SAB 121?
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Resolution / Starting Odds
Resignation • 33%
Continues in position • 33%
Reduces involvement in crypto regulation • 34%
SEC official communications or major financial 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%
Yes • 50%
No • 50%
Pass a new modified crypto regulation bill • 33%
No further action on crypto regulation • 33%
Reintroduce the same bill with minor amendments • 34%
Expand cryptocurrency services • 33%
Maintain current services • 33%
Reduce cryptocurrency services • 33%
Support new bill • 25%
Oppose new bill • 25%
Implement internal changes • 25%
No significant change • 25%
Tougher regulations • 33%
No change in policy • 33%
Relaxed regulations • 34%