Anti-Crypto SEC Bill SHOT DOWN By U.S. Lawmakers
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May 17, 2024 12:32 pm
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U.S. lawmakers have shot down the Securities and Exchange Commission’s latest attack on the crypto industry in the form of Staff Accounting Bulletin No. 121 (SAB-121).
Repeal of the controversial SEC Bulletin received bipartisan support from Senators, who came together to shoot down the anti-innovation bill.
At the core of SAB-121 is a provision preventing banks from holding crypto as assets—citing risks in volatility and potential technological vulnerabilities.
The contentious SEC regulation was outlined on the SEC’s official website in this posted bulletin:
News of the Senate’s repeal of the SEC bulletin was seen as a telling signal by top industry players that the mood in Washington DC is shifting:
MicroStrategy’s Co-founder and former Chief Executive Officer (CEO), Michael Saylor also commented on the SEC’s revoked bill in an X post, celebrating the Senate’s bipartisan decision.
“Wall Street wants Bitcoin, the House of Representatives wants Bitcoin, and now the Senate wants Bitcoin,” Saylor stated.
Ripple’s Chief Legal Officer Stuart Alderoty remarked: “Innovation shouldn’t be a partisan issue. Glad to see that Ds and Rs can agree on one thing at least: Gensler’s SEC is out of control.”
Innovation shouldn’t be a partisan issue. Glad to see that Ds and Rs can agree on one thing at least: Gensler’s SEC is out of control. https://t.co/QeApHtp6dL
— Stuart Alderoty (@s_alderoty) May 9, 2024
However, Joe Biden is likely to veto the SAB-121 repeal, according to Crypto Slate:
The Senate and House votes both show that a majority of lawmakers are in favor of the resolution.
However, the latest Senate vote is not high enough to override a presidential veto, which would require a two-thirds majority vote from both the Senate and the House.
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