North Carolina Congressman Wiley Nickel, alongside Senator Cynthia Lummis and Congressman Mike Flood, has introduced a resolution under the Congressional Review Act (CRA) which may significantly impact the Bitcoin and cryptocurrency sector in the United States. This meaningful attempt at lawmaking seeks to reverse the rule set by the Securities and Exchange Commission (SEC), which mandates that banks must report their clients’ cryptocurrency holdings as part of their financial statements. This could eliminate a substantial obstacle for the widespread acceptance of Bitcoin and other cryptocurrencies by financial institutions. The Congressional Review Act (CRA) resolution is specifically directed at undoing the SEC’s Staff Accounting Bulletin (SAB) 121, which was published in March 2022. This contentious notice required banks to record a corresponding obligation on their financial statements for every digital asset in their possession. The requirement faced significant backlash from the digital asset industry due to concerns that it could jeopardize the functioning of companies that hold digital assets for others. By late October 2023, the Government Accountability Office (GAO) had decided that SAB 121 needed to be examined by Congress. After this determination was made, lawmakers in both chambers of Congress have begun official proceedings to reverse the regulation. The enactment of Bill SAB 9003 is essential for the widespread acceptance of Bitcoin by institutions. The CEO of the Chamber of Digital Commerce, Perianne Boring, made forceful remarks concerning the matter, highlighting the significance of this regulatory action: “AB 121 has greatly hindered the widespread acceptance of Bitcoin and cryptocurrency by institutions. “We’re dismantling this obstacle to increase the availability of digital assets for people in the United States.” Relevant Article: The US Authorities Consider Mandating Disclosure of Energy Consumption Information for Bitcoin Mining Operations.