% 1.91
BTC Dominance:
% 0.32
Market Cap:
$2.48 T
% 1.89
Fear & Greed:
72 / 100
$ 68.597
BTC Dominance:
% 54.1
Market Cap:
$2.48 T

U.S. Senate Votes 60-38 to Overturn SEC Crypto Rule

U.s. Senate Crypto Law

Senate resolution H.J. Res. 109, which overturned Staff Accounting Bulletin No. 121 of the U.S. Securities and Exchange Commission (SEC), was approved by the Senate 60 to 38. In a move that many legislators and business executives have denounced as limiting innovation, the commission’s rule mandates that banks hold capital against their clients’ digital assets on their balance sheets.

“The tally, a stunning 60 ‘Yeas’ in the Senate vote, sends a strong signal that both houses of Congress, across the political divide, clearly disapprove of this rule,” said the Blockchain Association, a crypto advocacy group.

Related: SEC Ether ETF: Odds Low, Potential High for Surprise

But President Joe Biden declared he would veto the resolution to “protect investors in crypto-asset markets and to safeguard the broader financial system” before it was approved by the US House of Representatives.

But Perianne Boring, the CEO and founder of the Blockchain Trade Association Digital Chamber, thinks that the White House would “rethink its strategy and position” if 21 Democratic Party senators backed it. “The tides are turning for crypto in Washington,” she says.

Beyond politics, the crypto community is not the only group hoping Biden will sign H.J. Res. 109. Openly urging “President Biden to move quickly to sign this resolution into law to help protect American consumers” is the American Bankers Association.

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