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Senate votes to kill SEC crypto accounting rule
A resolution condemning a rule on how to account for cryptocurrency assets has been passed by both houses of the U.S. Congress, setting up a likely veto by the White House. Why it matters: The crypto industry began its fight against chairman Gary Gensler's SEC in the courts, but has successfully extended it onto a new field: the legislature. The latest: In a 60-38 vote in the Senate, legislation striking down the Securities and Exchange Commission's staff accounting bulletin 121, which makes it very expensive for financial institutions to participate in the crypto custody business, has passed. • This follows ... (full story)