Senate Passes Resolution to Rescind SEC Anti-Crypto Policy: Michael Saylor Celebrates Game-Changing Moment

MicroStrategy chairman Michael Saylor is celebrating a significant moment for the crypto sector after the U.S. Senate passed a resolution to rescind a controversial Securities and Exchange Commission (SEC) accounting rule targeting banks that offer crypto services. The rule, known as Staff Accounting Bulletin No. 121, required banks to record crypto assets as liabilities on their balance sheets, potentially disincentivizing them from providing custodial services for digital assets.

Saylor took to social media to express his excitement, stating, “Wall Street wants Bitcoin, the House of Representatives wants Bitcoin, and now the Senate wants Bitcoin.” The Senate’s move to denounce the SEC’s crypto custody rule has been described as a game-changing moment for the industry by Bitwise’s Chief Investment Officer Matt Hougan.

Despite the bipartisan support for the resolution, President Joe Biden has indicated that he would veto it, citing concerns about investor protection and the stability of the financial system. The industry is now eagerly awaiting Biden’s decision as BTC continues to trade at $66,357.94, with a 0.4% change on the day.

This development marks a significant step for the crypto sector, as Congress takes action to support the industry and address regulatory challenges. The outcome of President Biden’s decision will have far-reaching implications for the future of crypto regulation in the United States.