US Senate to Vote on Joint Resolution 109, Aiming to Invalidate SEC's SAB 121.
According to Blockworks, the US Senate is set to vote on Joint Resolution 109 this Thursday. Insiders from Capitol Hill anticipate that the resolution will garner sufficient Democrat support to pass. Joint Resolution 109, which received bipartisan approval in the House of Representatives last week, seeks to nullify the Security and Exchange Commission’s (SEC) contentious Staff Accounting Bulletin (SAB) 121. Introduced in March 2022 and implemented the following month, SAB 121 mandates that digital asset custodians report a liability and 'corresponding assets' on their balance sheets for all custodied cryptocurrencies.