- US Congress votes to nullify SAB 121,a vote towards clear regulatory framework for crypto.
- This means the SEC will soon lose power in hindering crypto adoption in America.
- Last hurdle remains, will US President Joe Biden veto this senate vote?
The US has had a tumultuous relationship with Bitcoin (BTC) and crypto assets. While financial, tech, retail investors and institutional entities have embraced crypto, the rulemakers took a much slower approach.
So far, the country is at a stalemate. Presently, the major ruling and lawmaking entities representing the collective American people have made a historic decision. As we can see from the post above, Michael Saylor, CEO of MicroStrategy, and 1% of Bitcoin (BTC) supply holder marks the occasion.
To highlight, the senate has made a move to accept Bitcoin (BTC) and allow the American people and American businesses to hold and use the asset. In detail, Congress voted to nullify SAB 121 which gives the SEC free right to challenge all crypto-focused services.
This means the SEC will no longer go on a warpath to hinder the growth of crypto adoption and crypto-focused businesses will flourish on American soil. Crypto advocates are pleased to see this turn of events and finally get clear regulations for digital assets and all that has to do with it.
Another face in the space, Cynthia Lummis said this vote coming through from the Senate has not been easy to attain. However, seeing so much support shows true faith in the possibility of digital assets for the USA. She also remarks how President Joe Biden is all that’s standing in the way of clear support and regulations for crypto in America.
In fact, the support from Congress came in 60 votes where 12 Democrates supported to give crypto assets clear regulations. This puts US President Joe Biden in an awkward position. This is because Biden said he would veto the nullification of SAB 121.
Will the President come through on his promise to veto this vote? Americans and the greater global crypto and digital asset space eagerly await to see what happens next. Michael Saylor also chimes in saying Wall Street, the House of Representatives, and the Senate are all pro-crypto. Will Biden follow suit?
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