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- The United States Senate has voted to repeal the Securities and Exchange Commission’s anti-crypto banking rule, Staff Accounting Bulletin (SAB) 121.
- This move has seen Democrats unite with Republicans, however, President Joe Biden is expected to veto the decision.
- The policy, which discourages banks from offering crypto custody services, has been a point of contention among lawmakers.
The U.S. Senate’s decision to repeal the SEC’s anti-crypto banking rule marks a significant development in the ongoing debate over cryptocurrency regulation. However, the move is likely to be vetoed by President Biden.
Senate Votes to Repeal Anti-Crypto Rule
The U.S. Senate voted on Thursday to repeal the Securities and Exchange Commission’s (SEC) anti-crypto banking rule, Staff Accounting Bulletin (SAB) 121. This rule has been a source of contention among lawmakers, as it discourages banks from offering cryptocurrency custody services. The vote saw Democrats unite with Republicans, resulting in a final vote of 60 to 38 in favor of repealing the policy.
President Biden Likely to Veto
Despite the Senate’s decision, President Joe Biden is expected to veto the move. This expectation is based on his previous comments regarding cryptocurrency regulation. Last week, the U.S. House of Representatives also voted to repeal the policy in a 228 to 182 vote. However, Biden has already stated that he would veto the resolution if it’s passed.
Republican Lawmakers Lead the Charge
Republican lawmakers have been at the forefront of the push to repeal SAB 121. They argue that the policy is overly restrictive and hampers the growth of the cryptocurrency industry. The decision to repeal the policy was also supported by 12 Democrats, indicating a bipartisan agreement on the issue.
Conclusion
The Senate’s decision to repeal the SEC’s anti-crypto banking rule marks a significant development in the ongoing debate over cryptocurrency regulation. However, the move is likely to be vetoed by President Biden, which could lead to further discussions and potential changes in the future. This story is still developing and will be updated with additional details as they become available.