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MicroStrategy co-founder Michael Saylor took to social media to celebrate the fact that the Senate has chosen to ignore the SEC’s controversial SAB 121. “Wall Street, the House, and now the Senate are in favor of Bitcoin,” he wrote. The Senate has rejected a recent decision of the SEC, named the SAB 121, by a bipartisan vote of 60 to 38. The bulletin aimed to make banks holding crypto assets list them as liabilities. According to critics, it put an unreasonable amount of capital to be held against the owned assets. This has thus been taken as a landmark victory of the major stakeholders—among them, the Digital Chamber and Compound Labs’ Robert Leshner—in the legislative space for the viability and sustainability of the crypto world. The cryptocurrency community perceives this decision as a step in the right direction regarding regulation changes, as it will now make such custodial arrangements more viable and therefore secure the rights of the holders of these digital assets.
