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

The U.S. Senate voted 60-38 to repeal the SEC's crypto policy, SAB 121, with bipartisan support but not enough votes to override a potential presidential veto. This policy required firms holding customer cryptocurrencies to list them on their balance sheets. Critics argue it was implemented without proper rulemaking, and President Biden has threatened a veto, citing concerns over investor protection and financial system stability.