Senate Votes to Kill SEC Anti-Crypto Policy—But Biden Plans to Veto

The United States Senate voted Thursday to repeal the Securities and Exchange Commission's anti-crypto banking rule, Staff Accounting Bulletin (SAB) 121, in a vote that saw Democrats unite with Republicans. But President Joe Biden is likely to veto the move, based on his previous comments.

Republican lawmakers had led the charge on attempting to take down the policy, which discourages banks from offering crypto custody services. But 12 Democrats joined most Republicans in voting to repeal the policy, with a final vote of 60 to 38.

Last week, the U.S. House of Representatives did much the same in a 228 to 182 vote. But Biden has already said that he would veto the resolution if it's passed.

Editor's note: This story is breaking and will be updated with additional details.