Congress Votes to Repeal SEC's Controversial Crypto Rule, Faces Presidential Veto

The bipartisan effort to nullify SAB 121 highlights ongoing tensions over crypto regulation and the SEC's authority.

The Senate voted 60-38 to overturn the SEC's Staff Accounting Bulletin No. 121 (SAB 121), following a similar House vote.
President Biden has vowed to veto the resolution, complicating its potential repeal.
SAB 121 requires companies holding customers' cryptocurrencies to record them on their balance sheets, impacting banks' capital requirements.
Critics argue the SEC implemented SAB 121 without proper rulemaking, supported by the Government Accountability Office.
The resolution's passage marks the first time both chambers of Congress have passed standalone crypto legislation.