The US Senate officially overturned a US Securities and Exchange Commission Rule that prevented regulated financial The law prohibits companies from owning Bitcoin and other crypto-currencies. This legislation is a good example. H.J. Res. 109Last week, the US House of Representatives had approved this bill.
The SEC has reversed the decision. Staff Accounting Bulletin (SAB) No. 121. Subsequently there was bipartisan agreement on the legal action taken against the regulators. As a result, the resolution to invalidate the SEC’s old rule has now reached the President.
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US Senate Approves Bill allowing Regulated Companies to Hold Bitcoin
The digital asset market has had a tense and contentious relationship with the SEC over the past several years. In part, this is due to the SEC’s determination to regulate through enforcement. The industry is mired in legal disputes and ongoing lawsuits against the agency.
The US has now taken steps to overturn one of its most unpopular rules. US Senate voted officially to repeal the SEC regulation that banned regulated financial Companies are forbidden from possessing Bitcoin and other cryptocurrency.
Senat’s head held a vote on Thursday for the repeal of a SEC regulation that was in place since two years. Determination to reverse SEC guidance was also backed by bipartisanship. In fact, the decision revived 60-38 vote currently held by Democrats in the Senate.
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After the US House controlled by Republicans advanced the Bill on the 8th of May, this decision was made. The legislative rebuttal to the SEC rule passed with a 228–182 vote but now faces its final test on the desk of US President Joe Biden.
According to media reports, up until now, the White House indicated that it is likely the measure would be vetoed. The overwhelming unhappiness with the SEC’s guideline can be seen in how policymakers were received in both the House and Senate.
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Source: watcher.guru