Odaily Planet Daily reported that citing multiple people familiar with the matter, a resolution proposed by the U.S. House of Representatives is expected to be passed in a Senate vote. The resolution aims to revoke the Staff Accounting Bulletin 121 (SAB 121) previously issued by the U.S. Securities and Exchange Commission (SEC). SAB 121 requires companies to record their crypto assets on their balance sheets, but critics believe that this regulation is too strict and essentially prevents major custodians and companies from holding crypto assets for their clients. Last week, the U.S. House of Representatives voted to advance the resolution. Sources said that the Senate may vote on the resolution later Thursday morning local time. The resolution is currently "in a favorable position" in the Senate, and several Democratic members are expected to vote in favor. If the resolution is ultimately passed and signed by President Biden, the SEC will be prohibited from issuing any similar guidance. However, the White House has previously threatened that Biden will exercise his veto power once the resolution is passed in the Senate. Despite the threat of veto, 21 House Democrats and the vast majority of Republicans voted in favor of advancing the resolution, highlighting the complexity and controversy of the issue. It is generally believed in the industry that SAB 121 poses an unreasonable restriction on the development of the crypto industry. (CoinDesk)
