In a 60-38 vote, the US Senate joined the House of Representatives in attempting to overturn the Securities and Exchange Commission's (SEC) controversial crypto policy, Staff Accounting Bulletin No. 121 (SAB 121). However, President Joe Biden has vowed to veto the resolution, citing concerns about investor protection and financial stability.

Despite the bipartisan support, with a dozen Democrats joining Republicans in favor of the resolution, it fell short of the necessary votes to be veto-proof. The President believes that SAB 121 plays a crucial role in regulating crypto-asset markets and mitigating risks to the financial system.

The Senate's vote reflects the ongoing tensions between regulatory efforts and the evolving crypto industry. While the resolution faces a likely veto, the debate highlights the complex dynamics between regulatory bodies, lawmakers, and the crypto industry. The outcome will have significant implications for the future of crypto regulation and government involvement in shaping the industry.

The US Senate's vote to overturn SAB 121 aligns with the House's effort, but faces a likely veto from President Biden. The resolution's fate remains uncertain, leaving the future of crypto regulation in limbo. As the regulatory landscape continues to evolve, the crypto industry awaits a clear direction on how its assets will be regulated and the extent of government oversight.