Does the SAB 121 Vote Mean Anything for Future Crypto Legislation?
Summary
The U.S. Senate and House of Representatives voted to repeal the SEC's SAB 121, a rule imposing capital requirements on crypto custodians. The measure now awaits President Biden's decision, who has vowed to veto it. The bipartisan support for overturning the rule raises questions about future crypto legislation. Despite industry criticism and bipartisan support for repeal, the rule is likely to remain in place, impacting financial institutions' ability to enter the crypto custody business. Regulatory uncertainty and hostility have hindered crypto sector advancement.
