Important news of the week - the US Senate has lifted the SEC's ban on holding cryptocurrencies for regulated financial companies. At least until his decision is vetoed by Biden.
Senators voted to repeal SAB 121. Staff Accounting Bulletin "SAB 121" from the US SEC requires companies that hold cryptocurrency to report customers' crypto assets as liabilities on their balance sheets.
The House of Representatives had previously voted to repeal it. And if her position was not a surprise (the majority belongs to the Republicans), then the position of the Senate (where the Democrats have the majority) was surprising. The resolution did not receive enough votes in the Senate to make it veto-proof. Comment from FOX Business crypto journalist Eleanor Terrett:
“The President of the United States has 10 days to make a decision on Resolution No. 109 (veto, sign, or do nothing) - if no action is taken, the resolution will enter into force without a signature.”
Therefore, there will be a veto with a probability of more than 90%. Biden consistently plays the role of “enemy of cryptocurrencies.”
So it's all in vain? No, because now the Senate can no longer be called the “enemy of cryptocurrencies”. #Politico, in its article today, “Democratic Crypto Clash,” writes that Senator Elizabeth Warren’s crusade against cryptocurrencies is facing pressure from her own party.
Dozens of Democrats, including Senate Majority Leader Chuck Schumer, have broken with her in recent days and supported an effort to overturn SEC guidelines that critics say discourage banks from holding digital assets. Democrats have challenged not only Warren, but also President Biden. The rift could widen next week when the House of Representatives passes industry-backed legislation to include cryptocurrency trading in federal financial regulations.