The U.S. Senate joined the House of Representatives in voting to repeal a controversial U.S. Securities and Exchange Commission (SEC) accounting rule that imposed burdensome capital requirements on crypto custodians.
It's hard to read the tea leaves of the vote, which almost suggests something of a realignment among legislators willing to pass decent crypto regulations (or at least repeal the bad).
Perennially antagonistic crypto skeptic Sen. Elizabeth Warren voted to keep the rule in place, arguing 'SAB 121 simply clarifies how companies should account for [crypto] risks in their financial disclosures.'
Bipartisan support for repealing SAB 121 raises hopes for other legislative efforts in the crypto space, like regulating stablecoins and markets.
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