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International Business Times
International Business Times
Business
Marvie Basilan

After House, Senate Votes To Revoke Contentious SEC Crypto Custody Bulletin

United States SEC Mike Flood Crypto Gary Gensler Joe Biden Cynthia Lummis Elizabeth Warren SECGov
Senate has voted to overturn SAB 121 of the SEC, following suit after House representatives passed the resolution last week. (Credit: Jernej Furman/flickr.com)

KEY POINTS

  • Rep. Flood said the development should push the SEC to reverse course in its crypto approach
  • Sen. Lummis said Senate didn't have to vote if Gensler was willing to have the bulletin revised
  • Sen. Warren opposed the vote, saying the bulletin existed for enhanced transparency

The Senate has passed a resolution overturning a rather controversial U.S. Securities and Exchange Commission (SEC) bulletin that requires companies offering cryptocurrency custody services to hold their clients' assets in their balance sheets.

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