The Senate voted to nix a Securities and Exchange Commission (SEC) accounting policy related to cryptocurrency on Thursday, setting up a possible showdown with President Joe Biden, who has promised to veto the joint resolution.
Using the Congressional Review Act, lawmakers in the upper chamber voted 60-38 to scrap Staff Accounting Bulletin 121.
Introduced in 2022, this measure requires banks and other digital asset custodians to treat digital assets as liabilities and maintain them at fair value on their balance sheets. For example, if a financial institution holds $1 million in Bitcoin for clients, it must carry $1 million in cash to offset the liability on its balance sheet.
Eleven Democrats, including Senate Majority Leader Chuck Schumer (D-N.Y.), ignored the president’s wishes, effectively undoing SEC guidance on crypto accounting.
The joint resolution passed the House in a bipartisan 228-182 vote, with 21 Democrats joining Republicans to end the SEC rule.
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Senate Votes to Scrap SEC Crypto Policy, Biden Vows to Veto Joint Resolution
- by: Andrew Moran
- 05.17.24
- Source:
The Epoch Times
- 05/17/2024
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. by Pierre Borthiry - Peiobty is licensed under Unsplash unsplash.com
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. by Pierre Borthiry - Peiobty is licensed under Unsplash unsplash.com
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