A majority of lawmakers in the U.S. Senate passed a joint resolution calling the Papers Committee

A majority of lawmakers in the US Senate passed a joint resolution calling on the Securities and Exchange Commission (SEC) to rescind the rule affecting financial institutions that do business with cryptocurrency companies.

In a 60-38 vote on May 16, US senators passed the Senate resolution. 109, a decision invalidating SEC Staff Accounting Bulletin No. 121. The SEC’s rule requires banks to hold customers’ digital assets on their balance sheets, while holding capital against them — a measure that many lawmakers and industry leaders have criticized as stifling innovation.

“The astonishing 60 votes in the Senate vote sends a strong signal that both houses of Congress, across the political divide, clearly reject this rule.” He said Cryptocurrency support group Blockchain Association in a post dated May 16.

Source: Senate website

On May 8, before the resolution was passed in the US House of Representatives, President Joe Biden said he intended to veto the bill in order to “protect investors in crypto asset markets and protect the broader financial system.” If the US President vetoes the legislation, it will return to Congress and require a two-thirds majority vote to pass it again.

“The threat of a presidential veto belies the fact that there is a growing awareness among the electorate, especially young people, that cryptocurrencies are something our elected officials should care about,” the Blockchain Association said.

Related: The proposed US Blockchain Integrity Act would ban cryptocurrency mixers for two years

The vote represents an unusual bipartisan move by the US Senate, which was split 51-49 in favor of Democrats. According to Senator Cynthia Lummis, this was the first time this session of Congress Passed “Independent Crypto Legislation.” The White House did not immediately issue a statement regarding passing the resolution.

“There is clearly overwhelming opposition to Resolution 121, and I urge (President Biden) to reconsider his previous statement of intent to veto the resolution.” He said Rep. Mike Flood, who sponsored the resolution.

The joint resolution could serve as the groundbreaking point for a different cryptocurrency bill, the Financial Innovation and Technology for the 21st Century Act. The legislation outlines the roles the SEC and CFTC will play in regulating digital assets. It floated out of committee in July 2023, and is expected to come up in the House for a vote in May.

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