U.S. Senate Votes to Reverse SEC's Crypto Accounting Rules

In a significant move, the U.S. Senate has voted in favor of reversing the Securities and Exchange Commission's (SEC) recent Staff Accounting Bulletin 121 (SAB 121). The bulletin, which outlines specific accounting guidelines for firms holding cryptocurrencies on behalf of clients, has sparked controversy among the crypto community. The resolution, passed with a 60-38 majority, now awaits President Joe Biden's decision, with speculations of a potential veto.