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.
Read Full Article Here
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
Follow us
Read our latest news on any of these social networks!
Get latest news delivered daily!
We will send you breaking news right to your inbox
Have a tip? Let us know!
Recent Articles
- by: MARK SHERMAN
- Source:
Dayton Daily News
- 04/18/2025
Supreme Court keeps hold on Trump’s restrictions on birthright citizenship but sets May arguments
The Supreme Court is keeping a hold on President Donald Trump’s restrictions on birthright citizenship but will hear arguments on the issue in May
- by: John T. Bennett
- Source:
Roll Call
- 04/18/2025
Trump puts Italy’s Meloni in high-pressure role as bridge to EU on tariffs
“America first” met “Italy and Italians first” on Thursday at the White House, with tariffs atop the agenda as President Donald Trump huddled with Italian Prime Minister Giorgia Meloni — suddenly a key European leader who could help close the trans-Atlantic trade chasm.
- by: Jennifer Peltz
- Source:
US Daily Press
- 04/18/2025
Ex-NYPD officer sentenced to 18 months after conviction for helping China stalk an expat
Michael McMahon was convicted in 2023 of contributing to a transcontinental pressure campaign; the tactics ranged from Facebook messages to a threatening note on the man’s door
- by: Associated Press
- Source:
NY Post
- 04/17/2025
Puerto Rico hit with massive island-wide blackout ahead of Easter weekend
An island-wide blackout hit Puerto Rico on Wednesday as the largely Catholic residents of the U.S. territory prepared to celebrate the Easter weekend, officials said.