๐๐ Good news, Bitcoin enthusiasts! The US Senate has just passed a resolution to scrap a de facto ban that has been preventing banks from offering crypto custody services. This move has sparked cautious optimism among Bitcoin's most ardent supporters, despite the looming threat of a presidential veto. ๐บ๐ธ๐ผ
The resolution, H.J.Res.109, disapproves of Staff Accounting Bulletin 121 (SAB 121), a guidance published by the SEC two years ago that critics argue makes it cost-prohibitive for banks to offer crypto services. ๐ฆ๐ฐ
The resolution sailed through the House of Representatives last week with a 55% majority and secured a 60/38 split in the Senate. However, it still lacks the strong majority needed to overturn a veto, which President Biden has promised to do. ๐ณ๏ธ๐จโโ๏ธ
But don't lose hope just yet! Some believe that the Senate's decision could sway the administration's stance. Influential senators like Democratic caucus leader Chuck Schumer (D-NY) broke party lines to vote in favor, and Custodia Bank CEO Caitlin Long believes this could provide the political backing needed to push back against the SEC's crypto-hostile enforcement actions. ๐๏ธ๐
This resolution marks a historic moment as the first purely crypto-focused legislation passed through both chambers of Congress. So, will Biden follow suit? Only time will tell! ๐ฐ๏ธ๐ฎ Stay tuned, Bitcoiners! ๐๐
