The U.S. Senate is voting to overturn the SEC's controversial cryptoasset accounting rules

According to the official website of the US Senate, the Senate is voting to overturn the SEC's controversial cryptoasset accounting rules. The SEC's previously issued Employee Accounting Bulletin 121 (SAB121) requires companies to record their cryptoassets on their balance sheets, but critics argue that this rule is too strict and essentially prevents major custodians and companies from holding cryptoassets for customers. Last week, the US House of Representatives voted to move forward with this resolution.