US Senate Overturns SEC's Controversial Crypto Asset Accounting Rule

Bittime - In a significant move for the crypto industry, the US Senate has voted to repeal controversial crypto asset accounting rules put in place bythe SEC. This decision was hailed by many as a step in the right direction to encourage innovation and growth in the crypto space.

In a major victory for the crypto industry, the US Senate on Thursday voted to repeal controversial crypto asset accounting rules put in place by the Securities and Exchange Commission (SEC). The rule, known as Staff Accounting Bulletin (SAB) 121, went into effect in 2022 and requires companies that hold their customers' crypto assets to record them on their own balance sheets.

Crypto Industry Defies SEC Accounting Rules

Many in the crypto industry oppose the rules, arguing that they are too burdensome and will stifle innovation. They argue that the rules will force crypto companies to hold large amounts of capital, which will make it harder for them to compete with traditional companies.

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US Senate Cancels SAB 121

The Senate's decision to repeal SAB 121 was hailed by many as a positive step for the future of the crypto industry.

“This is a huge victory for the crypto industry,” said Senator Cynthia Lummis (R-WY), one of the sponsors of the resolution to overturn the rule. "The SEC rule is not only unnecessary, it is dangerous. It will stifle innovation and growth in the crypto space, and will harm American investors."

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Senator Mike Flood (R-NE), a co-sponsor of the resolution, added, "This is a great day for freedom and innovation. This Senate decision shows that we are committed to creating an environment that allows the crypto industry to thrive."

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Potential Impact of Cancellation of SAB 121

The cancellation of SAB 121 is an important step forward for the crypto industry. This shows that US regulators are starting to listen to industry concerns and are taking steps to support innovation. There is still a lot of work to be done, but the cancellation of SAB 121 is a positive sign for the future of the crypto industry in the United States.

Frequently Asked Questions About the SEC

What is the SEC and Its Role in Cryptocurrency Regulation

How to Buy Crypto from Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.