Today, the US Senate made a big decision about crypto accounting rules. They voted to get rid of SEC's Staff Bulletin 121 (SAB 121). Sixty Senators said yes to HJ Res. 109, a plan to cancel the bulletin. On the other side, 38 Senators said no.

This decision shows that both Democrats and Republicans agree on changing the SEC rule. Out of the 60 Senators who voted yes, 11 were Democrats, 48 were Republicans, and one was independent. Rep. Wiley Nickel said this vote shows that lawmakers from different parties can agree on issues like this. He also said it's sad they had to use a special law to fix the problem.

Congressman Tom Emmer thinks getting rid of SAB 121 is a good idea. He thinks the government and people are fighting over what to do with crypto. He said if the president stops this change, it will hurt Americans.

But President Biden might stop this change. On May 8, the Biden team said Biden will say no to the change if the Senate agrees. They worry changing SAB 121 could hurt people who invest in crypto and the money system.

SAB 121 has caused a lot of arguments. It makes banks keep track of crypto on their books. Some groups think this makes it too expensive for banks to deal with crypto. They also think the rule doesn't understand the difference between crypto and regular money. Some lawmakers are mad about how the SEC made this rule without asking people what they think. Patrick McHenry said the SEC didn't follow the rules when they made SAB 121.

In conclusion, the US Senate voted to get rid of a rule about crypto accounting. This shows that many lawmakers think the rule is a problem. But the president might say no, which would stop the change. This rule has caused a lot of arguments because some people think it's too expensive for banks and doesn't understand crypto.