8 articles | last updated: May 16 18:48:21
The bipartisan resolution seeks to invalidate SAB 121, which mandates digital assets be recorded on balance sheets, but faces a likely veto from President Biden.
- Joint Resolution 109, which passed the House, aims to repeal the SEC's Staff Accounting Bulletin 121.
- SAB 121 requires digital asset custodians to report liabilities and corresponding assets on their balance sheets.
- Critics argue the rule discourages banks from offering custodial services for cryptocurrencies, reducing consumer protection.
- The Senate vote saw several Democrats join Republicans, but the resolution is expected to be vetoed by President Biden.
- The SEC defends SAB 121, citing the need to address risks associated with safeguarding crypto assets.
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- U.S. Securities and Exchange Commission Government agency
- Joe Biden 46th U.S. President
- Democratic Party Political party
- Republican Party Political party
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