Senate Votes to Scrap SEC Crypto Guidance, Setting Up Veto (1)

The Senate on Thursday voted to rescind two-year-old SEC guidance detailing how companies that safeguard their customers’ cryptocurrency holdings should book those assets, sending President Joe Biden legislation that he plans to veto.

The resolution to roll back Securities and Exchange Commission staff-issued crypto accounting guidelines passed on a bipartisan vote of 60-38 in the Democrat-controlled Senate. Senate Majority Leader Chuck Schumer of New York, along with Sens. Cory Booker of New Jersey, Mark Kelly of Arizona and Jon Tester of Montana, were among 11 Democrats who voted in favor of the measure. Sen. Kyrsten Sinema of Arizona, a Democratic-leaning ...