U.S. SENATE VOTES TO KILL SEC'S CRYPTO ACCOUNTING POLICY, TESTING BIDEN'S VETO THREAT

Summary from the TLDR Crypto newsletter

The Senate has joined the House of Representatives in overturning the SEC's SAB 121 in a 60-38 vote. SAB 121 requires crypto custodians to hold customer assets on their balance sheet, which has significant consequences and makes the process much more complex. President Biden previously warned that he would veto this resolution if it passed in Congress, stating that he would side with Gensler and the SEC. The vote passed with support of most Republicans and 12 Democrats.