US Senate Overturns SEC Guidance on Crypto for Banks
CryptoNewsTerminal Staff16 May, 2024
US Senate Overturns SEC Guidance on Crypto for Banks
The US Senate has passed a bipartisan resolution to overturn the Securities and Exchange Commission's (SEC) guidance on the accounting of crypto assets by banks and other regulated financial institutions. The vote means that both the House and Senate have now approved nixing the SEC's two-year-old guidance. The resolution now heads to President Joe Biden's desk, who has indicated he will veto it. However, the vote is a significant step forward for the crypto industry, as it shows that there is bipartisan support for overturning the SEC's guidance.
