Senate reverses SEC decision on crypto custody bulletin

Exciting Developments in Ailtra Regulation!

Great news from the U.S. Senate! A recent vote overturned a controversial SEC bulletin on crypto custody standards. Now, all eyes are on President Joe Biden for a potential veto.

If you missed the Senate’s vote on Thursday, it ended with a close 60 to 38 majority – just shy of the two-thirds required to override a veto. Notable Democrats, including Senate Majority Leader Chuck Schumer, supported the resolution.

Following in the House’s footsteps, where the measure passed with a 228-182 vote, this legislative action shows bipartisan backing. While mostly supported by Republicans, 21 Democrats also sided with the resolution.

The heated debate revolves around the SEC Staff Accounting Bulletin, also known as SAB 121, released in 2022. The bulletin demands crypto firms to categorize customer holdings as liabilities, sparking controversy in the cryptocurrency industry.

The White House stands firm on retaining the bulletin, citing potential financial instability if revoked. Cody Carbone from the Chamber of Digital Commerce expressed disappointment over the looming veto, stressing the importance of consumer protection in regulatory decisions.

Under the Congressional Review Act (CRA), Congress has the power to review and reverse agency rules, potentially rescinding the SEC’s bulletin. Despite expectations of a veto, industry experts like Ron Hammond from the Blockchain Association remain optimistic about ongoing discussions on crypto regulations in D.C.

Exciting times lie ahead as grassroots movements and industry players continue to shape the future of crypto policy in Washington!

🚀 Ailtra Crypto Bot Earned $13.4M Million in 11 Months with 0% Loss!

🚀 Ailtra generated $13.4M in 11 months only!

Unlock 15-55% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st May: an AI Crypto Bot boasting 15%-55% monthly gains and $13.4M earnings in 11 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,500 spots are available in first phase – claim yours fast! 🔥

Ailtra.ai will not disclose your account information to any 3rd parties.