Friday, October 24, 2025

Latest

Senate Passes Resolution Condemning SEC’s Crypto Accounting Rule, White House Likely to Veto

The US Congress passed a resolution condemning the Securities and Exchange Commission’s (SEC) staff accounting bulletin 121 (SAB 121), which imposes strict rules on how financial institutions should account for cryptocurrency assets. The resolution passed in the Senate with a 60-38 vote, following its passage in the House. 

This was all symbolic, it seems, as the White house had previously issued a statement saying “If the President were presented with H.J. Res. 109, he would veto it.” 

The crypto industry has been battling against SEC Chairman Gary Gensler’s regulations, and this congressional action marks a significant victory for the industry. SAB 121 has been criticized for making it prohibitively expensive for financial institutions to participate in the crypto custody business.

The SEC has recently faced a series of setbacks, including losses in cases involving the cryptocurrency XRP and the approval of a spot bitcoin ETF. However, the agency did secure procedural wins in its cases against Coinbase and Terraform Labs.

Sen. Cynthia Lummis, a Republican from Wyoming, criticized the SEC’s approach, stating that the agency should not set policy over banks through a staff accounting bulletin. Sen. Elizabeth Warren, on the other hand, objected to the vote itself, arguing that it was an inappropriate use of the Congressional Review Act (CRA).

The US Government Accountability Office had previously ruled that SAB 121 was a rule for purposes of the CRA. The White House has expressed strong opposition to the resolution, stating that it would disrupt the SEC’s work to protect investors and safeguard the financial system. 

The Administration believes that limiting the SEC’s ability to maintain a comprehensive regulatory framework for crypto-assets could introduce substantial financial instability and market uncertainty.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources

Mining M&A: Gold X2 Acquires Kesselrun Resources

They Said Oil Was Dead. They Were Wrong. | Michael Judson – Record Resources

Recommended

Steadright Enters MOU To Acquire Historic Goundafa Polymetallic Mine In Morocco

Military Seizes Power in Madagascar After President Flees

Related News

Bittrex Agrees To Settle SEC Charges For $24 Million

The U.S. Securities and Exchange Commission (SEC) has announced that Bittrex Inc, along with its...

Friday, August 11, 2023, 10:44:00 AM

Yet Another Russian Billionaire Has Died Under Mysterious Circumstances

A Russian billionaire was killed in a mysterious chopper crash on the way to Monaco...

Wednesday, November 30, 2022, 04:27:00 PM

Bitcoin Crosses US$20,000 Mark For First Time; Significant Bitcoin Buying Interest May Still Be Coming

On December 16, the price of Bitcoin crossed the US$20,000 mark for the first time,...

Thursday, December 17, 2020, 03:47:00 PM

Caroline Ellison Pleads Guilty To FTX Fraud Scheme, Posts $250K Bail

The ex-Alameda chief faces a potential 110 years in prison, adding another legal problem after...

Wednesday, December 21, 2022, 10:54:50 PM

AT&T Pays Record Amount To Settle SEC Charges

The Securities and Exchange Commission (SEC) on Monday announced that AT&T (NYSE: T) has settled...

Thursday, December 8, 2022, 06:29:02 AM