U.S. Senate to vote on overturning SEC's controversial crypto asset accounting rules

The U.S. Senate is voting to overturn the controversial crypto asset accounting regulations of the U.S. Securities and Exchange Commission (SEC). It is reported that the U.S. SEC's previously issued Staff Accounting Bulletin 121 (SAB 121) requires companies to record their crypto assets on their balance sheets, but critics believe that this regulation is too strict and actually prevents major custodians and companies from holding crypto assets for their clients.