The U.S. Senate has voted 60-38 to overturn the SEC's Staff Accounting Bulletin 121 (SAB 121), which prevented highly regulated financial firms from custodying Bitcoin and other cryptocurrencies. This marks a significant bipartisan rebuke of the SEC's approach to crypto regulation. Key Democratic Senators, including Chuck Schumer, Cory Booker, and Kirsten Gillibrand, broke party lines to support the repeal. Senators Elizabeth Warren and Cynthia Lummis had opposing views on the bill, with Warren urging a 'no' vote and Lummis advocating for its passage. The House had previously voted to overturn SAB 121. The bill now heads to President Biden, who has threatened to veto it. If Biden vetoes, Congress would need a two-thirds majority in both chambers to override it. Gary Gensler's leadership at the SEC has faced strong criticism amid this legislative move.
Today, 12 Democrats voted to repeal an illegally enacted anti-crypto rule by the SEC. 60 votes in the Senate in favor of crypto and against the SEC. Can you feel the vibe shifting? https://t.co/zQfZ6KBSDX
Is Biden really going to veto this? With bitcoin coming off the back of one of the most successful ETF launches ever, it would clearly be such a bad move politically. https://t.co/tjsVEulxdN
U.S. Senate Votes 60-38 to Overturn SEC's Controversial Crypto Rule SAB 121 with Bipartisan Support Read More: https://t.co/CKieKC07K7
Love this @SMTuffy take re: SAB 121… “SAB 121 directly at odds w/ SEC Chair Gary Gensler’s position that existing regulations are adequate to police crypto markets.” “Good example of how SEC has tied itself in knots a bit w/ full court press against crypto.” via @Joanna_Focus https://t.co/PxRhaiAwgG
If Biden vetoes this crypto bill, his puppet masters are complete morons. Clearly he doesn't have the cognitive capacity to even understand what crypto is, so I don't put any blame on him since he just does what he's told. https://t.co/AMMTc7he0z
We have worked tirelessly for ~two years to repeal SAB 121. We had hours of conversations (until midnight last night) with members to explain why SAB121 is such a dangerous policy and precedent. It's never been a #crypto issue, this is about following the process and the law… https://t.co/OsEKf1Tvt3
We're beginning to win as both parties start to recognize that the number of crypto holders that are also swing voters is substantial enough to swing the election. The Senate voted 60-38 to cancel an SEC rule on crypto accounting. The resolution targets the Staff Accounting… https://t.co/v92KSgA9Ss
Breaking: US HOUSE AND SENATE vote to eliminate stupid SEC rule change SAB 121 - in other words the PEOPLE of America vote for Bitcoin and crypto to be allowed to be custodians by US Banks. Vote PASSED by 2/3 - so we know we have the votes. Now the fun starts. This goes to the… https://t.co/hbZ6I23bhe
🚨🇺🇸BREAKING: HOUSE VOTES TO OVERTURN SEC CRYPTO GUIDANCE The House voted 228-182 to overturn the SEC's Staff Accounting Bulletin 121, which mandates businesses to hold crypto assets on their own balance sheets. 21 Democrats joined 207 Republicans in supporting the resolution.… https://t.co/tijm1QQgzB
🚨US SENATE VOTES ‘NO’ TO GARY GENSLER’S ANTI-CRYPTO RULE🚨 “We are just getting started” - Senator Cynthia Lummis - The United States Senate has just voted to repeal the controversial ‘SAB121’ rule introduced by Gary Gensler and the Securities and Exchange Commission (SEC).… https://t.co/UAHut7HnkX https://t.co/0XDD1bNguq
The senate just voted to repeal the SEC anti crypto rule! Now Biden has the choice to veto it https://t.co/p2SvGECoIw
We celebrate the bipartisan vote to repeal SAB 121. Thank you @SenLummis for your leadership! https://t.co/J6SFrvzND7
SENATOR LUMMIS: Today’s overturning of SAB 121 is a “clear rebuke of the way the Biden admin and Gary Gensler have persecuted crypto… We are just getting started.” https://t.co/0AwH9F3CvW
Congress voting to repeal SAB 121 is the first of many legislative victories for crypto in the U.S. Excited for President Biden to sign it into law 🇺🇸
#BREAKING: The Senate just passed @USRepMikeFlood's bipartisan CRA resolution to nullify the @SECGov's disastrous SAB 121. 🚂 Next stop, the White House. @POTUS: sign this commonsense measure to foster innovation and protect consumers in the digital asset ecosystem. https://t.co/BiK0NeBQnU
60 to 38. Gensler installed a roadblock to US banks holding crypto and the Senate just voted to repeal it. Even Chuck Schumer voted pro-crypto. Elizabeth Warren's anti-crypto army got publically crushed today. If i was the SEC Chair I'd be circulating my resume. https://t.co/OatylhTMZW
The Senate just voted 60(!)-38 to overturn SAB121, which the House voted to overturn last week. This is the most significant moment for crypto in Congress to date, and it is a strong bipartisan rebuke of the SEC’s unlawful approach to crypto. Thank you @SenLummis and… https://t.co/kz2ACtsTut
If Biden vetos this he is angering 50m Crypto Owning Americans ahead of an election Either he does it and they vote pro crypto, or he doesn't veto it and its pro crypto that banks can hold Crypto. Win/Win https://t.co/B5EZ4mgDjA
JUST IN 🇺🇸 - The Senate votes to disapprove of the SEC's SAB 121 which prevents regulated financial institutions from custodying #Bitcoin and other crypo assets. Will President Biden go through with his threat to veto? Watch Senator Lummis' scathing remarks about Gary Gensler… https://t.co/0FEj71i86b
🚨NEW: The Senate has voted to overturn SAB 121 which, as we all know, means this now heads to @POTUS who said last week he plans to veto it. If so, then it’s back to square one with the House & Senate which would need a 2/3 majority vote in both chambers to override the veto. https://t.co/01a30V0NMm
SAB 121 CRA —first standalone crypto bill ever to pass both chambers of Congress—SAILS through the Senate 60-38. Dems voting for CRA/against WH & SEC: **Schumer** Gillibrand Hickenlooper Peters Tester Sinema Rosen Kelly Casey Booker Lujan Wyden (Biden still expected to veto) https://t.co/maxjgVSXqP
BREAKING: The Senate just voted to overturn an SEC rule preventing highly regulated financial firms from holding #Bitcoin. https://t.co/SNFC1sUlfN
House passes resolution to overturn SAB 121 (making it nearly impossible for banks to custody crypto assets). Unclear if likely to pass Senate. This was done by banking lobby, not crypto, so has much more traction. If passed by Senate, likely to be signed by Biden. Will…
🚨BREAKING: 🚨 🇺🇸 CRYPTO BILL HAVE JUST PASSED THE SENATE, WHICH WILL OVERTURN U.S SEC RULE PREVENTING HIGHLY REGULATED FINANCIAL FIRMS FROM CUSTODYING #BITCOIN. GIGA BULLISH 🔥 https://t.co/RApDu9vawR
BREAKING: 🇺🇸 Legislation that would overturn SEC rule preventing highly regulated financial firms from custodying #Bitcoin and crypto PASSES the Senate. https://t.co/GDyJRCMCxy
The Senate passing a CRA overturning SAB 121 is a win for financial innovation and a clear rebuke of the way the Biden admin and Gary Gensler have persecuted crypto. It also marks the 1st time Congress has passed standalone crypto legislation. We are just getting started.
Crypto is in the middle of a policy tug-of-war between the Administrative State and the American people. Congress just passed the SAB 121 repeal on a bipartisan basis. If Biden vetoes, it proves he wants to kill opportunities for Americans at the expense of Americans.
JUST IN: 🇺🇸 US Senate votes to overturn SEC rule preventing highly regulated financial firms from holding #Bitcoin and crypto.
🚨BREAKING: US SENATE VOTES AGAINST GARY GENSLER AND THE SEC'S ANTI-CRYPTO 'SAB121' RULE
The Senate just voted to appeal Gensler / SAB 121. Huge win for crypto and progress in the US. Is Biden going to veto what both sides came together to approve in two of the three houses of government? https://t.co/4Cgmwy0wBE
Win/Win situation Biden vetos and digs his grave or he doesn't and its pro Crypto https://t.co/63FKIlZ8xf
Senate votes to repeal SAB121 If Biden vetoes then it is literally the administration by itself on team anti-crypto
🛡🛡🛡 Repealing SAB 121 Passes Senate! 🛡🛡🛡 @standwithcrypto 👏👏👏 to everyone who voted with the people today, regardless of party affiliation!
BREAKING: Senate votes to overturn SEC's anti-crypto Staff Accounting Bulletin 121 in a massive win for pro-crypto Americans President Biden has threatened to veto the bill. https://t.co/JMco4oUQLa
JUST IN: A Senate majority votes to end SEC's SAB 121 which bars large financial institutions from custodying #Bitcoin. The bill will now go to Biden's desk despite his threat to veto. https://t.co/E1qe60USmC
CONGRESS SHOWED UP FOR CRYPTO. Bidens move now. Will he veto and go on the record as "anti-crypto"? If Biden vetos Trump will double down on crypto as a wedge issue. If Biden doesn't veto, it's a huge repudiation of Gary Genslers leadership at the SEC. https://t.co/0oi1wOoLZi
BREAKING: U.S. SENATE VOTES TO REPEAL GARY GENSLER’S ANTI-CRYPTO RULE SAB121 https://t.co/SLSixaAd4j
Senate votes to block SAB 121 🚨 Current vote is 51-30 because this is a resolution of disapproval (a "privileged resolution and not a normal bill), it only needs simple majority to pass, which it has, so will go to biden's desk at least 5 democrats have voted for this bill,… https://t.co/6wBJc6Vnpz
BREAKING: 51 VOTES! Senate just voted to repeal Gensler's anti-crypto rule SAB121 🎉 Key Democrat Senators broke party lines to vote yes. Now Biden has to choose. Does he choose anti-crypto and veto or let it pass? His next move could cost him the election. https://t.co/qsG34aDzF8
Senate vote on repealing SAB 121 is currently 47-30. @jesseahamilton and I reported yesterday it was expected to pass. Dem Sens. @CoryBooker, @jontester, @CaptMarkKelly, @Hickenlooper, @SenatorSinema, @benraylujan, @SenBobCasey, @SenGillibrand voted aye https://t.co/suQd0EKIYE
JUST IN: 🇺🇸 Senator Cynthia Lummis calls for Senate approval on bill allowing highly regulated financial firms to hold #Bitcoin and crypto. https://t.co/EgriyLdn2S
🚨Happening now! Senate vote to nullify SAB 121. You can livestream here https://t.co/8R252LzsDo
JUST IN: 🇺🇸 US Senator Cynthia Lummis urges the Senate to vote YES on legislation that would allow highly regulated financial firms to custody #Bitcoin and crypto. She also stated "The safest place for digital assets is in a self hosted wallet." 👏 https://t.co/5WnGHZSNP3
JUST IN: 🇺🇸 US Senator Elizabeth Warren urges the Senate to vote NO on legislation that would allow highly regulated financial firms to custody #Bitcoin and crypto. https://t.co/L6NwEVUseN
In less than an hour, the US Senate will begin voting on a Congressional Review Act resolution to repeal the Securities and Exchange Commission's SAB 121. This is the first senate floor vote on a major crypto issue, and the world will be watching closely to see what happens.…
BREAKING: The Senate is voting on overturning the SEC’s anti-crypto rule, Staff Accounting Bulletin 121. President Biden has threatened to veto the bill if it passes. WATCH LIVE: https://t.co/tLRaMrV5Ty
BREAKING: The Senate is preparing to vote to overturn the SEC's anti-crypto rule, Staff Accounting Bulletin 121. Before the bill passed the House, President Biden threatened to veto the bill if it passed the Senate. We're about to find out. 📺👀⬇️ https://t.co/9GH8iEtYmG
JUST IN: US SENATE WILL TODAY VOTE ON THE SEC'S CONTROVERSIAL 'SAB 121' RULE WHICH DISCOURAGES FIRMS FROM CUSTODYING CRYPTO
🚨NEW: Senate to vote on overturning the @SECGov’s SAB 121 which discourages financial institutions from being custodians of digital assets. Consensus is that the Senate will follow the House and overturn. Vote starts at 10AM. Link to watch here: https://t.co/6MndtKbpr1 https://t.co/kl4Np3d2xx
This would mean a "pro crypto bill" will pass congress and go to Biden's desk for signature. If Biden vetos he's "anti-crypto". Biden already said he would veto in support of Gary Gensler's SEC. If Biden votes then Trump & R's will double down on pro-crypto rhetoric and use… https://t.co/690I16Dz9s
SENATE SET TO OVERTURN CONTROVERSIAL SEC CRYPTO ACCOUNTING RULE - The US Senate will vote on Joint Resolution 109 on Thursday, aiming to overturn the SEC's Staff Accounting Bulletin (SAB) 121. Sources indicate sufficient Democratic support for passage. - The resolution… https://t.co/S9Zg5NYsoG https://t.co/ZY9Glkj1IT
SCOOP: Senate scheduled to vote to repeal SAB 121 tomorrow https://t.co/7SMPUyek1O
BREAKING: @SenSchumer pushed back the SAB 121 vote to tomorrow. They know they are exposed / likely backchanneling with the White House to convince them to reverse course on the veto threat. If SAB 121 gets repealed @SenGillibrand will be the one to have made it happen. https://t.co/Cpt5amlZQk
🚨NEW: @RepWileyNickel wrote to @GaryGensler today asking the SEC to withdraw SAB 121 in light of today’s expected bipartisan Senate vote on nullification. “Unfortunately, the SEC’s open hostility toward the digital assets industry isn’t serving President Biden’s best… https://t.co/CrdPvYvFAY
JUST IN: 🇺🇸 Senators Lummis and Wyden send bipartisan letter urging President Biden to stop “threatening to criminalize Bitcoin software development in America.” 🤝 https://t.co/xC3vFkkyKA