The Senate's vote on Thursday concluded with a majority of 60 to 38, which was not enough to overcome a veto. Senator Chuck Schumer of New York, the majority leader in the Senate, was among the Democrats who backed the resolution.

The legislative action is a reflection of a similar step that was taken last week in the House, when the proposal was approved 228–182. Republicans voted in favor of the bill, but 21 Democrats also backed it, showing bipartisan support that was insufficient to override a veto.

SAB 121, the contentious SEC Staff Accounting Bulletin, was initially published in 2022. Within the cryptocurrency business, there has been controversy and resistance to the demand that companies processing cryptocurrencies report customer holdings as liabilities. Regulations of this kind, according to critics, may discourage banks from protecting digital assets.

The White House declared its intention to keep the bulletin going, saying that "revoking the SEC's regulatory authority on crypto-assets would introduce substantial financial instability and market uncertainty."

The possible veto was condemned by Cody Carbone, Vice President of Policy at the Chamber of Digital Commerce.

"A veto would be nonsensical," said Carbone, pleading with the President to see the bipartisan support for the resolution as a consensus on the need of consumer protection above regulatory bias rather than as criticism.

The SEC's bulletin may be withdrawn in accordance with the Congressional Review Act (CRA), which gives Congress the authority to review and overrule agency regulations. The SEC maintains that SAB 121 is not a rule covered by this legislation, but the Government Accountability Office last year determined that it is.

Regarding the resolution's prospects, Ron Hammond, Director of Government Relations at the Blockchain Association, stated that a veto from the president was expected.

However, Hammond said, "this isn't shocking because a number of CRAs have reached Biden's desk on a bipartisan basis and been vetoed during his tenure."

Hammond also emphasized the increasing participation of industry and grassroots groups in Washington, D.C. talks over crypto rules.