US Senate Lifts Ban On Crypto Monitoring At US Banks

The US government has banned SEC regulations on crypto deposits in banks. Photos; Doc. TweakTown)

JAKARTA - The United States Senate has lifted the ban on crypto deposits in US banks. This decision was welcomed positively by Bitcoin supporters, who are looking forward to this progress both in the digital realm and in the legislative environment, although there are still concerns about President Joe Biden's potential veto.

Reporting from CryptoPotato, with the approval of HJRes.109 on Thursday afternoon, Congress showed their disapproval of the Staff Accounting Bulletin 121 (SAB 121) issued by the Securities and Exchange Commission (SEC) two years ago. SAB 121 previously provided accounting guidance for exchange-listed banks to manage their client crypto assets.

Critics view the SATURDAY 121 as a hidden rules' in a guide', which makes deposit services too expensive and impractical. Tom Emmer's (R-Minn) representative denounced it as an "extraordinary attempt to expand the SEC's authority" and highlighted negative forecasts of the digital asset ecosystem.

This resolution received approval at the House of Representatives with the support of 55% of the vote. In the Senate, the vote is even more assertive with a ratio of 60/38, where all Republicans and 11 Democrats voted affirmatively.

Challenges In Front Of Biden

Although votes in the House of Representatives and the Senate are not enough to thwart the veto promised by President Biden, there is optimism that the success of this vote could affect the government's decision. Several influential senators, including Democratic causal leader Chuck Schumer (D-NY), have violated the party line in this vote.

Custodia Bank CEO, Caitlin Long, stressed the importance of this vote in a tweet, stating that it provides political support for those in agencies opposing SEC's anti-crypto law enforcement measures over the past year. Long also mentioned Senator Elizabeth Warren, who is expected to step up prosecution efforts, although her influence may have declined.

Elizabeth Warren herself argued in support of SAB 121 and the SEC on Thursday, stating that the bulletin only aims to suggest banks provide reasonable disclosures about cryptocurrency risk.