U.S. Senate Votes to Kill SEC's Crypto Accounting Policy, Testing Biden's Veto Threat

“SAB 121 is non-binding staff guidance that, if followed, enhances important disclosure to investors in firms that safeguard crypto assets for others,” an SEC spokesperson said in a statement after the vote. “Time and again, we have seen crypto firms fail and watched as their customers lined up at the bankruptcy court in hopes of getting what they thought was legally theirs.”