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Will the Senate pass the resolution to overturn SEC's SAB 121?
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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%
Official Senate vote results reported by major 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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Bill Failed • 33%
Bill Postponed • 34%
Support new bill • 25%
Oppose new bill • 25%
Implement internal changes • 25%
No significant change • 25%
Yes, President Biden vetoes the bill • 50%
No, President Biden does not veto the bill • 50%
Yes • 50%
No • 50%
Positive market reaction • 33%
Negative market reaction • 33%
Neutral or no significant reaction • 34%
Increase in approval ratings • 50%
Decrease in approval ratings • 50%
Yes, major cryptocurrencies gain in value • 50%
No, major cryptocurrencies do not gain in value • 50%
Resignation • 33%
Continues in position • 33%
Reduces involvement in crypto regulation • 34%
Pass with strong majority • 33%
Pass with narrow margin • 34%
Fail • 33%
Passed with strong majority • 33%
Passed with narrow majority • 34%
Not passed • 33%