The U.S. Senate passed a measure Thursday to overturn a Securities and Exchange Commission bulletin that establishes certain accounting standards for firms that custody crypto. The measure will now go to President Joe Biden's desk, where it will likely be vetoed. 

The Senate voted 60 to 38, which is not enough votes to override a presidential veto. Several Democrats, including Senate Majority Leader Chuck Schumer, D-N.Y., voted for the measure on Thursday. 

Last week, the House voted to pass the same measure, overturning SAB 121, by a vote of 228-182, with mostly Republicans in favor of the measure, as did 21 Democrats. That vote count is below the two-thirds threshold the House needs to override a presidential veto. 

The SEC Staff Accounting Bulletin, also called SAB 121