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.

Twitter

Bitcoin was initially designed with a fully fleshed out scripting language, intended to encompass and support any potential safe use case that users could come up with in the future. As Satoshi himself put it before he disappeared:

“The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime. Because of that, I wanted to design it to support every possible transaction type I could think of. The problem was, each thing required special support code and data fields whether it was used or not, and only covered one special case at a time. It would have been an explosion of special cases. The solution was script, which…

Read more on BitcoinMagazine

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.

Source