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Senate Passes Resolution to Remove Cryptocurrency Custody Restrictions

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by Giorgi Kostiuk

2 years ago

  1. Adoption of H.J.Res. 109
  2. Bipartisan Support in Congress
  3. Upcoming Senate Election in Pennsylvania


    4. The U.S. Senate recently approved H.J.Res. 109, which aims to overturn the SEC's accounting bulletin restricting financial institutions from custodying cryptocurrencies.

    Adoption of H.J.Res. 109

    The U.S. Senate recently passed H.J.Res. 109, which seeks to overturn SEC Staff Accounting Bulletin No. 121. The resolution was approved by a vote of 60 to 38. It aims to lift restrictions preventing financial institutions from serving as custodians for cryptocurrencies.

    Bipartisan Support in Congress

    H.J.Res. 109 received bipartisan support. The House of Representatives had already passed it the previous week. The stringent limitations imposed by SAB 121 have garnered significant opposition in Congress, highlighting the critical importance of revisiting current digital asset regulations.

    Upcoming Senate Election in Pennsylvania

    The upcoming Senate election in Pennsylvania between Bob Casey and Dave McCormick is shaping up to be highly competitive and closely watched. Both candidates are actively engaging in discussions related to digital asset regulations.

    The Senate's passage of H.J.Res. 109 underscores the significance of revisiting regulations on digital assets and cryptocurrency custody for financial institutions.

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