The digital currency landscape is celebrating a significant victory as the United States Congress has repealed the SAB-121 accounting rule, a move that is highly beneficial to Bitcoin and altcoins. This bipartisan effort marks a major milestone in the crypto ecosystem.

The Repeal of SAB-121 and Its Implications

The Securities and Exchange Commission (SEC) had sought to prevent banks and financial institutions from engaging with Bitcoin and crypto assets through the SAB-121 rule. However, this restriction on American corporations' freedom has been successfully challenged by pro-crypto lawmakers like Sen. Cynthia Lummis and Rep. Tom Emmer. The US Senate's 60-38 vote to repeal the rule is a significant win for the crypto community.

Market Reaction and Volatility

Despite this triumph, Bitcoin's price has not experienced a significant surge, instead dropping 0.71% to $65,277.86 over 24 hours. The digital currency has seen over $13.5 million in liquidated funds in just 4 hours, indicating high volatility. Ethereum has also declined 1.33% to $2953.14, with some analysts suggesting it may be losing ground in its quest to surpass Bitcoin.

Other high-performing cryptocurrencies like Toncoin and Dogecoin have also experienced declines of 4.68% and 1.80%, respectively. However, some altcoins like Solana and Shiba Inu have bucked the trend, with Solana rising 4.22% to $160.12 and Shiba Inu maintaining a 2.21% gain to $0.0000245.

Crypto Stocks' Mixed Response

Crypto stocks have reacted differently to the news. Coinbase has dropped 18.18% to $201.73 per share, while Robinhood has seen a marginal decline of 0.32% to $18.20. Other crypto stocks, including Hut 8 and Marathon Digital, have also experienced mild losses.

The Uncertainty Ahead

While the Senate's repeal of SAB-121 is a significant victory, the journey is far from over. President Joe Biden's signature is required to make the repeal law, and his earlier hints at vetoing the Bill have introduced uncertainty into the market. Should the President veto the Bill, it would complicate efforts to grant corporations direct access to Bitcoin and altcoins.

Despite this, some firms like Morgan Stanley, Wells Fargo, and UBS have already begun engaging with Spot Bitcoin ETF products. A direct avenue for holding Bitcoin and altcoins would greatly benefit the broader market, making the President's decision a crucial one for the crypto ecosystem's future.