Recent developments in the US Senate have indeed brought about a significant change in the regulatory landscape for #crypto  assets. A resolution, H.J.Res. 109, has been passed in the House of Representatives aimed at overturning the Securities and Exchange Commission's (SEC) Staff Accounting Bulletin No. 121 (SAB 121). 

This bulletin, which has been a major point of contention, required financial institutions to record #cryptoholdings as liabilities on their balance sheets, a rule that many argued placed an undue burden on these institutions.

The bill has garnered significant bipartisan support and is seen as a move to ease the regulatory challenges facing highly regulated financial firms, enabling them to custody digital assets like #BITCOIN more feasibly. Critics of SAB 121 argue that it has made digital asset custody prohibitively expensive and complex for financial institutions. 

The bill now moves to the Senate, where if passed, it could significantly alter how financial institutions interact with digital assets, although it faces potential veto threats from President Biden, who has expressed concerns about weakening the SEC's ability to protect investors. #btc #cryptocurrecy #hotnews
#crypto