MicroStrategy co-founder Michael Saylor turned to social media network celebrate the recent victory of the cryptocurrency industry in the Senate.
“Wall Street wants Bitcoin, the House of Representatives wants Bitcoin, and now the Senate wants Bitcoin,” he posted on the social network X.
Earlier on Thursday, the Senate voted 60-38 to remove the controversial “SAB 121” issued by the Securities and Exchange Commission (SEC).
Senate Majority Leader Chuck Schumer (D-NY) and several Democrats joined Republicans in shooting down the SEC guidelines.
The Digital Chamber, the leading blockchain trade association, was “thrilled” to celebrate the passage of the resolution to overturn SAB 121. Robert Leshner of Compound Labs described this as “the first of many” legislative victories for the cryptocurrency industry.
The controversial rule requires banks that safeguard crypto assets to record them as liabilities on their own balance sheets. Critics have argued that this would prevent banks from providing digital asset custody services.
According to Austin Campbell, founder and managing partner of Zero Knowledge Consulting, the rule, adopted unilaterally by the SEC, could undermine the rights of crypto holders. “There is no economic justification for holding capital against assets that a company does not own, and this was clearly done simply to prevent regulated financial entities from providing custody services,” he said. declared. said. He further noted that these guidelines benefit unregulated depositories.
As reported by U.TodayThe U.S. House of Representatives voted to rescind the guidelines on May 9.