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MicroStrategy co-founder Michael Saylor has taken to the X social media network to celebrate the cryptocurrency industry’s recent Senate win.
“Wall Street wants Bitcoin, the House of Representatives wants Bitcoin, and now the Senate wants Bitcoin,” he posted on the X social media network.
Earlier this Thursday, the Senate voted 60 to 38 to kill the controversial “SAB 121” bulletin introduced by the Securities and Exchange Commission (SEC).
Senate Majority Leader Chuck Schumer (D-New York) as well as several Democrats joined the Republicans to shoot down the SEC guidance.
The Digital Chamber, the leading blockchain trade association, was “thrilled” to celebrate the passage of the resolution to nullify SAB 121. Compound Labs Robert Leshner described this as “the first of many” legislative wins for the cryptocurrency industry.
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The controversial rule requires banks that safeguard crypto assets should record them as a liability on their own balance sheets. Critics argued that it would make it impossible for banks to provide custodial services for digital assets.
According to Austin Campbell, the founder and managing partner of Zero Knowledge Consulting, the rule, which was unilaterally adopted by the SEC, would possibly damage the rights of crypto holders. “There is no economic rationale for holding capital against assets a firm does not own, and it was clearly done simply to block regulated financial entities from providing custodial services,” he said. He further noted that this guidance benefits non-regulated custodians.
As reported by U.Today, the US House of Representatives voted to shoot down the guidance on May 9.
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