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The U.S. Senate voted 60-38 to repeal the SEC’s Staff Accounting Bulletin No. 121, commonly known as SAB 121, aligning with the House in a bipartisan decision despite President Biden’s threat to veto. This action reflects a strong congressional push against what has been criticized as overreach in crypto regulation. Even Senate Majority Leader Chuck Schumer opposed his party’s line to support the crypto-friendly resolution.
Sen. Cynthia Lummis heralded the repeal as a victory for financial innovation, criticizing the SEC’s approach under Chair Gary Gensler as detrimental to the crypto industry. The policy, established in 2022, mandated that companies must include held cryptocurrencies on their balance sheets, a requirement seen as burdensome by many.
The Congressional Review Act was utilized for the repeal, indicating that similar SEC policies could be blocked in the future. This legislative move marks a significant moment for the crypto sector, promoting a less restrictive regulatory environment and potentially fostering growth within the digital financial landscape.
