A majority of lawmakers in the US Senate have voted in favor of a joint resolution requiring the Securities and Exchange Commission (SEC) to rescind a rule affecting financial institutions that deal with cryptocurrency firms, Bloomberg has reported.
On May 16, US senators voted 60 to 38 in favor of passing H.J.Res. 109, thereby nullifying the SEC's Staff Accounting Bulletin No. 121.
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This rule requires banks to include their customers' digital assets on their balance sheets and hold capital against them, a move that many lawmakers and industry leaders say hinders innovation.
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Before the resolution was passed by the US House of Representatives on May 8, President Joe Biden announced his intention to veto the bill to "protect investors in crypto-asset markets and to safeguard the broader financial system."