On Tuesday, the US Senate voted to lift the de facto ban on banks providing cryptocurrency custody services. 🏦🔐 This has caused cautious optimism among Bitcoin supporters, despite a likely presidential veto.

H.J.Res.109, passed Thursday, certifies Congress' disapproval of Staff Accounting Bulletin 121 (SAB 121), issued by the Securities and Exchange Commission (SEC) two years ago.

Critics of SAB 121 call it a "rule" disguised as "guidance" that makes providing such services extremely costly and impractical.

The resolution passed the House of Representatives last week with 55% of the vote in favor. The Senate vote Thursday was more clear, 60/38, with all Republicans voting in favor along with 11 Democrats.

However, neither the House nor Senate vote yielded enough of a majority to override a veto that President Joe Biden had already promised to impose if it reached his desk.

This resolution became the first ever piece of legislation entirely focused on cryptocurrency to pass through both houses of Congress.