The U.S. Senate has passed a resolution aimed at overturning the U.S. Securities and Exchange Commission's (SEC) Staff Accounting Bulletin 121 (SAB 121). This bulletin establishes specific accounting standards for firms that custody cryptocurrencies, mandating that firms holding cryptos on behalf of customers record these holdings as liabilities on their balance sheets. The resolution, passed with a 60-38 vote, now moves to President Joe Biden's desk, where it is expected to be vetoed.