U.S. Senate Votes to Kill SEC’s Crypto Accounting Policy, Testing Biden’s Veto Threat

“SAB 121 is non-binding workers steerage that, if adopted, enhances vital disclosure to buyers in companies that safeguard crypto property for others,” an SEC spokesperson stated in an announcement after the vote. “Again and again, we’ve got seen crypto companies fail and watched as their clients lined up on the chapter court docket in hopes of getting what they thought was legally theirs.”