💥Democrats and Republicans unite to repeal the SEC's Saab1 121 rule, allowing Banks to trade Bitcoin and crypto.
🔥The vote is seen as a major loss for SEC Chair Gary Gensler.
🗳️The bill now needs to pass in the Senate and be signed by the President to become law.
🚀The crypto industry sees this as a significant victory and a step towards more regulatory clarity.
⚖️The SEC's Saab1 121 rule had imposed stringent requirements on Banks and digital asset custodians.
What was the vote count in the House to repeal the SEC's Saab1 121 rule?
—The vote count in the House was 228 to 182 in favor of repealing the rule.
What is the next step for the bill?
—The bill now needs to pass in the Senate and be signed by the President to become law.
What impact does this have on the crypto industry?
—This repeal is seen as a significant victory for the crypto industry and a step towards more regulatory clarity.
Why did the repeal receive bipartisan support?
—The repeal received bipartisan support as both Democrats and Republicans recognized the need to allow Banks to trade Bitcoin and crypto.
What were the requirements imposed by the SEC's Saab1 121 rule?
—The SEC's Saab1 121 rule imposed stringent requirements on Banks and digital asset custodians, including keeping digital assets on their balance sheets and subjecting them to significant capital requirements.
00:00In a historic move, Democrats and Republicans in the House have voted to repeal the SEC's Saab1 121 rule, which restricted Banks from trading Bitcoin and crypto.
00:30This repeal is seen as a significant blow to SEC Chair Gary Gensler and a victory for the crypto industry.
01:00The bill now needs to pass in the Senate and be signed by the President to become law.
01:30The crypto industry sees this as a significant victory and a step towards more regulatory clarity.
02:00The SEC's Saab1 121 rule had imposed stringent requirements on Banks and digital asset custodians.
