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“`Bitcoin
- In a potentially game-changing moment for the crypto sector, the US Senate has passed H.J. Res 109, a bill seeking to overturn the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) No. 121 on Thursday, May 16.
- The bill was passed with substantial bipartisan support, receiving a 60-38 vote in the Senate and earlier approval from the House.
- Avichal Garg, Co-Founder and General Partner at Electric Capital, highlighted the industry’s frustration with the regulation, stating, “If a bank custodies $1b of Bitcoin for customers, they have to hold $1b in cash to offset this ‘liability’ on their balance sheet.”
The recent Senate vote to overturn SEC’s SAB 121 marks a significant shift in crypto regulation, potentially easing the financial burden on digital asset custodians and fostering greater market growth.
Why Yesterday’s Vote Is A Game-Changer For Crypto
The Senate’s decision to repeal SAB 121 represents a pivotal moment for cryptocurrency regulation and indicates a potential shift in the landscape of financial technology governance in the United States.
Political Implications of the Senate’s Decision
The vote showcases a rare bipartisan agreement in a highly polarized political environment, with significant implications for future regulatory approaches to technology and finance.
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Industry Reactions to the Repeal of SAB 121
Leaders in the cryptocurrency industry have expressed relief and optimism following the Senate’s decision, viewing it as a crucial step towards rational and supportive regulatory measures for digital assets.
Conclusion
The Senate’s repeal of SAB 121 could herald a new era of digital asset custody and management, reducing operational burdens and potentially catalyzing further innovation and investment in the crypto space.
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“`
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