According to Blockworks: In a noteworthy development, the U.S. Senate passed Joint Resolution 109 last Thursday, aiming to overturn the controversial digital asset accounting rules under the Employee Accounting Bulletin (SAB) 121, instituted by the Securities and Exchange Commission (SEC).
SAB 121, proposed in March 2022 and enacted the following month, mandates custodians of digital assets to list liabilities and "matching assets" on their balance sheets for all the cryptocurrencies they hold.
This resolution will now proceed to President Joe Biden for review. The White House has previously communicated that the President would exercise his veto power once the resolution gets Senate approval.
The staff at SEC has justified the accounting rules, arguing that such measures are crucial to offset "the noteworthy risks and uncertainties inherent in protecting crypto assets." This motion by the Senate underlines the ongoing discourse surrounding the regulatory landscape for cryptocurrencies.
