Senate votes to cancel SEC crypto policy, teeing up veto from Biden

The Senate voted to cancel a Securities and Exchange Commission accounting policy rule related to cryptocurrency, sending it to Presidentpolicy. Several Democrats joined Republicans in voting to cancel the rule. The lawmakers used the Congressional Review Act to bat down the measure, but Biden still has the power to veto it, meaning that the vote was more symbolic in nature.

In a statement of administration policy threatening a veto, the White House said that the SEC crypto accounting provision “reflects considered SEC staff views” on the matter. “Moreover, as explained in staff’s accompanying release, SAB 121 was issued in response to demonstrated technological, legal, and regulatory risks that have caused substantial losses to consumers,” the memo reads.Ahead of the vote, some groups have come out against the SEC rule. Former Rep. Barbara Comstock , executive director of the American Consumer and Investor Institute, said that the accounting rule is “another misguided SEC policy” that has garnered bipartisan opposition.

“The rule itself is a disaster for retail investors, essentially precluding regulated banks from providing safe custody of digital assets,” she said in a statement.

Source: Digital Coin News (digitalcoinnews.net)

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