PANews reported on May 17 that according to the U.S. Senate's official website, the Senate voted 60 to 38 to pass a resolution aimed at overturning the SEC's Cryptocurrency Custody Accounting Standards Announcement (SAB 121). The announcement was first issued in 2022 and has sparked controversy over the past year. It requires cryptocurrency custodians to record cryptocurrencies held by customers as liabilities on their balance sheets. The crypto industry is concerned that this move may prevent banks from protecting digital assets.