The U.S. Senate votes to overturn the controversial cryptocurrency accounting regulations of the U.S. SEC

ChainCatcher news, according to information on the official website of the U.S. Senate, the Senate voted 60 to 38 to overturn controversial cryptocurrency accounting regulations by the U.S. SEC.

It is reported that the SEC's previously issued Staff Accounting Bulletin 121 (SAB 121) requires companies to record held cryptocurrencies on their own balance sheets. However, critics believe this regulation is too harsh and essentially hinders major custodians and companies from holding cryptocurrencies for customers.