A majority of U.S. Senate lawmakers passed a joint resolution calling on the Papers Committee
A majority of US Senate lawmakers have passed a joint resolution calling on the Securities and Exchange Commission (SEC) to repeal the rule affecting financial institutions that do business with cryptocurrency companies.
On May 16, by a vote of 60 to 38, U.S. senators adopted the Senate resolution. 109, a decision invalidating SEC Staff Accounting Bulletin No. 121. The SEC rule requires banks to hold customers’ digital assets on their balance sheets, while holding capital against them – a measure many lawmakers and industry executives have criticized it as stifling innovation.
“The astonishing 60 votes in the Senate vote send a strong signal that both chambers of Congress, regardless of their political divide, clearly reject this rule. » He said Cryptocurrency support group Blockchain Association in a post dated May 16.
On May 8, before the resolution was passed by the United States House of Representatives, President Joe Biden stated that he intended to veto the bill in order to “protect investors on crypto asset markets and protect the financial system as a whole.” If the US president vetoes the legislation, it will return to Congress and require a two-thirds vote to re-pass it.
“The threat of a presidential veto obscures the fact that the electorate, particularly young people, are increasingly aware that cryptocurrencies are something our elected officials should care about,” the Blockchain Association said .
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The vote represents an unusual bipartisan decision by the US Senate, which was split 51-49 in favor of Democrats. According to Senator Cynthia Lummis, this was the first time during this session of Congress Pass “Independent Crypto Legislation.” The White House did not immediately release a statement regarding the adoption of the resolution.
“There is clearly overwhelming opposition to Resolution 121, and I urge (President Biden) to reconsider his previous statement of intent to veto the resolution.” » He said Rep. Mike Flood, who sponsored the resolution.
The joint resolution could serve as a starting point for another cryptocurrency bill, the Financial Innovation and Technology for the 21st Century Act. The legislation outlines the roles that the SEC and CFTC will play in regulating digital assets. It was removed from committee in July 2023 and is expected to come up for a vote in the House in May.
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