U.S. Senate votes against SEC’s cryptocurrency regulations
The US Senate passed the bill. This is a resolution requesting the U.S. Securities and Exchange Commission (SEC) to abolish cryptocurrency regulations.
On May 16, the Senate The vote was 60 to 38 in favor of HJRes. 109, This is the SEC’s Staff Accounting Bulletin No. 121 (SAB 121).
These rules require banks to: List your customers’ digital assets on your balance sheet.The order has been criticized for hindering innovation in the cryptocurrency sector.
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The Blockchain Association emphasized that the 60-38 Senate vote clearly demonstrates bipartisanship. Both the House and Senate opposed the SEC rules.
As Senator Cynthia Lummis pointed out, this vote For the first time, a standalone cryptocurrency bill has been passed by Congress.
Despite Senate approval, the President Joe Biden has said he will veto the resolution. We argue that it is necessary to protect and manage cryptocurrency-related issues in the future. If he follows through, there will be a resolution. return to parliament, It would need a two-thirds majority to pass again.
The Blockchain Association pointed out: A presidential veto would override the growing awareness of the importance of cryptocurrencies among voters..
Representative Mike Flood, one of the resolution’s sponsors, also commented on the veto of X:
It is clear that there is overwhelming opposition to SAB 121. I am <조 바이든>We urge you to reconsider your previous statement that you would reject this resolution.
which The White House has not yet released a statement. About passing the resolution.
The Senate’s vote highlights the growing push for legislation to support the cryptocurrency industry. If enacted, this resolution could lead to changes in the way digital assets are treated by U.S. financial institutions and regulators.
As Hayden Adams, CEO of Uniswap Labs, hinted, it is especially important for regulators to reevaluate their stance on cryptocurrencies in light of the upcoming presidential election. He specifically pointed out to Joe Biden that allowing the SEC to take strict action against cryptocurrency companies could drive away important voters.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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