US Senate Overturns SEC Rule Barring Companies from Holding Bitcoin

The US Senate has officially voted to overturn a US Securities and Exchange Commission (SEC) rule that prevents regulated financial firms from holding Bitcoin and other cryptocurrencies. The legislation, HJ Res. 109it had already passed the U.S. House last week.

The decision approves the SEC’s reversal Personnel Accounting Bulletin (BRS) n. 121. Subsequently, legislative action against the regulators met with bipartisan support. Now the joint resolution invalidating the previous SEC rule will arrive on the President’s desk.

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US Senate Passes Bill Allowing Regulated Firms to Hold Bitcoin

In recent years, the digital asset market and the SEC have entered into a contentious relationship. Much of this is due to their commitment to regulation through enforcement. As a result, the industry has been mired in ongoing lawsuits and legal battles with the agency.

Now, the US government has taken action against one of the agency’s most frowned upon rules. Specifically, the US Senate officially voted to overturn the SEC rule that prohibited regulated financial firms from holding Bitcoin and other cryptocurrencies.

The Senate president voted Thursday to abolish the SEC rule that has been in place for two years. Additionally, the decision to reverse the SEC guidelines passed with bipartisan support. In fact, it raised a 60-38 vote in the Senate currently controlled by Democrats.

Source: CNBC

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This decision came after the Republican-controlled U.S. House advanced the bill on May 8. The legislative rebuttal to the SEC rule passed by a vote of 228-182, but now faces the final test on US President Joe Biden’s desk.

At this point, according to reports, the White House has indicated that the measure will likely be vetoed. However, the overwhelming dissatisfaction with the guidance issued by the SEC is clearly demonstrated in the reception politicians have had in the House and Senate.

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