Digital Chamber

The U.S. president remains the last barrier to recalling the problematic anti-crypto resolution by the SEC.

In a 60 to 38 vote, United States senators passed H.J. Res. 109, a resolution nullifying the U.S. Securities and Exchange Commission’s (SECs) Staff Accounting Bulletin No. 121. The commission’s rule requires banks to keep customers’ digital assets on their balance sheets, with capital maintained against them — a measure many lawmakers and industry leaders have criticized as stifling innovation. 

“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,” stated crypto advocacy group the Blockchain Association.

However, before the resolution passed in the U.S. House of Representatives, President Joe Biden said he intended to veto the bill to “protect investors in crypto-asset markets and to safeguard the broader financial system.”

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