The Senate voted to nix a Securities and Exchange Commission (SEC) accounting policy related to cryptocurrency on Thursday, setting up a possible showdown with President Joe Biden, who has promised to veto the joint resolution.
Using the Congressional Review Act, lawmakers in the upper chamber voted 60-38 to scrap Staff Accounting Bulletin 121.
Introduced in 2022, this measure requires banks and other digital asset custodians to treat digital assets as liabilities and maintain them at fair value on their balance sheets. For example, if a financial institution holds $1 million in Bitcoin for clients, it must carry $1 million in cash to offset the liability on its balance sheet….
