Official statement from the White House or verified news sources

U.S. Senate Votes 60-38 to Overturn SEC's SAB 121 Anti-Crypto Rule

May 16, 2024, 04:47 PM

The U.S. Senate has voted 60-38 to overturn the SEC's Staff Accounting Bulletin 121 (SAB 121), a rule that discourages financial institutions from being custodians of digital assets like Bitcoin and other cryptocurrencies. This bipartisan decision follows a similar vote in the House and now moves to President Biden's desk, where he has threatened to veto the bill. SAB 121, introduced by SEC Chair Gary Gensler, has been criticized for its impact on the digital assets industry. Key Democratic Senators, including Chuck Schumer and Cynthia Lummis, broke party lines to support the repeal. The decision marks the first time Congress has passed standalone crypto legislation and represents a significant victory for the crypto industry. The outcome of Biden's decision could have substantial political implications, especially given the growing number of crypto holders in the U.S. The Senate vote on Joint Resolution 109 was initially 47-30 before reaching the final tally.