{"id":13586,"date":"2024-05-17T09:44:10","date_gmt":"2024-05-17T06:44:10","guid":{"rendered":"https:\/\/forklog.com\/en\/us-senate-votes-to-repeal-sec-directive\/"},"modified":"2024-05-17T09:44:10","modified_gmt":"2024-05-17T06:44:10","slug":"us-senate-votes-to-repeal-sec-directive","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-senate-votes-to-repeal-sec-directive\/","title":{"rendered":"US Senate Votes to Repeal SEC Directive"},"content":{"rendered":"<p>On May 16, the US Senate passed a joint resolution to annul the Staff Accounting Bulletin 121 (SAB 121) issued by the Securities and Exchange Commission (SEC).<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">2\/ The tally, a stunning 60 \u201cYeas\u201d in the Senate vote, sends a strong signal that both houses of Congress, across the political divide, clearly disapprove of this rule.<\/p>\n<p>\u2014 Blockchain Association (@BlockchainAssn) <a href=\"https:\/\/twitter.com\/BlockchainAssn\/status\/1791147044855337081?ref_src=twsrc%5Etfw\">May 16, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cA stunning 60 votes \u2018in favour\u2019 in the Senate sends a clear signal that both houses of Congress, despite political differences, clearly disapprove of this rule,\u201d stated the Blockchain Association.<\/p>\n<\/blockquote>\n<p>However, the decision supported by the Senate and the House of Representatives may face challenges at a higher level. On May 8, the White House administration <a href=\"https:\/\/www.whitehouse.gov\/wp-content\/uploads\/2024\/05\/SAP-HJRes109.pdf\">announced<\/a> President Joe Biden&#8217;s readiness to veto the bill.<\/p>\n<p>Advisors to the president emphasized that repealing SAB 121 would hinder the SEC&#8217;s ability to \u201cprotect investors in cryptocurrency markets and ensure the safety of the entire financial system.\u201d<\/p>\n<p>According to Representative Mike Flood, \u201cThe Senate, including Majority Leader [Chuck] Schumer, has made it clear to the SEC that SAB 121 must go.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It is clear there is overwhelming opposition to SAB 121, and I urge <a href=\"https:\/\/twitter.com\/POTUS?ref_src=twsrc%5Etfw\">@POTUS<\/a> to reconsider his previous statement of intent to veto the resolution.<\/p>\n<p>\u2014 Rep. Mike Flood (@USRepMikeFlood) <a href=\"https:\/\/twitter.com\/USRepMikeFlood\/status\/1791149208944226728?ref_src=twsrc%5Etfw\">May 16, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIt is clear there is overwhelming opposition to [the directive], and I strongly urge the president to reconsider his previous statement of intent to veto,\u201d wrote Flood.<\/p>\n<\/blockquote>\n<p>Bitcoin advocate Senator Cynthia Lummis reacted to the vote results with a post on X featuring laser eyes.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We are so \u20bfack. <a href=\"https:\/\/t.co\/ckHmXMHFL8\">pic.twitter.com\/ckHmXMHFL8<\/a><\/p>\n<p>\u2014 Senator Cynthia Lummis (@SenLummis) <a href=\"https:\/\/twitter.com\/SenLummis\/status\/1791181277044875366?ref_src=twsrc%5Etfw\">May 16, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>SAB 121 was <a href=\"https:\/\/www.sec.gov\/oca\/staff-accounting-bulletin-121\">issued<\/a> in April 2022. The document contains guidelines for the custody of cryptocurrencies. Specifically, banks must reflect them on their balance sheets. This makes the process costly and limits the ability of institutions to provide custodial services on a large scale.<\/p>\n<p>In February, four industry organizations <a href=\"https:\/\/u1f987.com\/en\/news\/us-banks-seek-greater-role-in-bitcoin-etf-management\">appealed<\/a> to the SEC to ease SAB 121. Commissioner Hester Peirce described the Bulletin&#8217;s provisions and related oral guidance as a <a href=\"https:\/\/u1f987.com\/en\/news\/hester-peirce-criticizes-secs-regulatory-approach\">\u201cpernicious weed.\u201d<\/a><\/p>\n<p>Earlier, Lummis and Congressman Patrick McHenry highlighted the increased risks of client fund loss due to the collapse of a crypto custodian under the rule&#8217;s implementation.<\/p>\n<p>In May, Cardano co-founder Charles Hoskinson claimed that Biden aims to destroy the crypto industry in the US.<\/p>\n<p>Uniswap suggested that the current head of state might lose the upcoming election due to his administration&#8217;s dismissive attitude towards the cryptocurrency market.<\/p>\n<p>According to a <a href=\"https:\/\/u1f987.com\/en\/news\/survey-majority-of-us-cryptocurrency-holders-support-donald-trump\">Paradigm survey<\/a>, 48% of voters holding digital assets plan to vote for Donald Trump in the November elections. 8% prefer Biden, while 13% remain undecided.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On May 16, the US Senate passed a joint resolution to annul the Staff Accounting Bulletin 121 (SAB 121) issued by the Securities and Exchange Commission (SEC). 2\/ The tally, a stunning 60 \u201cYeas\u201d in the Senate vote, sends a strong signal that both houses of Congress, across the political divide, clearly disapprove of this [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13585,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,36,128,26],"class_list":["post-13586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-regulation","tag-sec","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=13586"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13586\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/13585"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=13586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=13586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=13586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}