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Will the SEC introduce new crypto regulations within three months post-Senate SAB 121 vote?
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SEC•Staff Accounting Bulletin 121•Joint Resolution 109•Democratic•Wiley Nickel•Biden•House•Senate•Gary Gensler•Congress
Resolution / Starting Odds
Yes • 50%
No • 50%
SEC official announcements or major financial news outlets.
Story
Senate to Vote at 10 AM on Overturning SEC's Controversial SAB 121 Crypto Rule
May 15, 2024, 07:51 PM
The U.S. Senate is set to vote on a resolution to overturn the SEC's controversial Staff Accounting Bulletin 121 (SAB 121), which discourages financial institutions from being custodians of digital assets. The resolution, known as Joint Resolution 109, has garnered significant bipartisan support, with sources indicating sufficient Democratic backing for its passage. Representative Wiley Nickel has been vocal in his opposition to SAB 121, calling it a political football that forces President Biden to choose sides on the issue. The bill passed the House last week with notable bipartisan support, and the Senate vote is expected to take place today at 10 AM. SEC Chair Gary Gensler has faced criticism for the rule, which was issued without proper consultation with the respective regulatory agencies or Congress. If passed, this would mark a significant pushback against the SEC's approach to crypto regulation.
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Yes, SEC proposes a new crypto regulation • 50%
No, SEC does not propose a new crypto regulation • 50%
Introduce more crypto-friendly legislation • 33%
Increase regulatory scrutiny on cryptocurrencies • 33%
Maintain current stance without significant changes • 34%
Increase Regulations • 25%
Decrease Regulations • 25%
Maintain Current Level • 25%
Issue New Guidance • 25%
