The legislation passed with a vote of 60 to 38, demonstrating bipartisan support for the measure. Though, the White House has made its stance clear regarding this legislation.
Proponents argue that overturning SAB 121 is crucial for protecting consumers, especially amidst concerns of centralization risks due to the approval of spot Bitcoin ETFs.
Critics of SAB 121 believe it hampers financial institutions' ability to meet the increasing demand for Bitcoin services, despite the institutions being well-equipped for digital asset custody.
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