In the U.S. Senate, support was given to reject the SEC directive that strictly limits regulated companies' rights to own cryptocurrency.

🇺🇸 The U.S. Senate and House of Representatives voted to repeal SEC rule SAB 121, which contains guidelines for the storage of cryptocurrencies. Specifically, banks must reflect it on their balance sheets. This makes the process expensive and limits institutions' ability to provide custodial services on a large scale.

👀 However, the decision supported by the Senate and House of Representatives may face difficulties at a higher level. On May 8, the White House administration announced that President Joe Biden is prepared to veto the bill.

✔️ Advisors to the head of state emphasized that repealing SAB 121 would hinder the SEC from "protecting investors in cryptocurrency markets and ensuring the safety of the entire financial system."

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