The US Senate, with bipartisan support, voted to repeal the Securities and Exchange Commission's (SEC) crypto accounting policy, Staff Accounting Bulletin No. 121 (SAB 121), challenging an anticipated veto from President Joe Biden. This decision follows criticism that the SEC overstepped by not undergoing the formal rulemaking process for SAB 121, which requires companies holding customer tokens to list these assets on their balance sheets, significantly impacting their capital resources. Despite the Senate's decision, the policy change faces a potential veto from Biden, who argues that removing the rule could hinder future regulatory abilities and investor protections in the crypto sector.