U.S. House Financial Services Committee Chairperson Patrick McHenry, Senator Cynthia Lummis, and 40 other politicians wrote to SEC Chairperson Gary Gensler on September 23, claiming that SAB 121 subverts cryptocurrency custody rules, weakens consumer protections, and stifles financial innovation.
The 42 politicians also claimed that SAB 121, a proposed rule requiring SEC reporting entities to record these holdings as liabilities on their balance sheets, was issued without consulting any "prudential regulator" and that the accounting method "deviates from established accounting standards." Politicians also blasted the SEC's Office of the Accountant General for working with certain agencies to circumvent balance sheet reporting requirements - potentially creating sweeping inconsistencies.
More than 40 U.S. Republicans are calling on the SEC to repeal SAB 121.
2024-09-23 23:55:03
U.S. House of Representatives Finance Services Committee Chairperson Patrick McHenry Patrickdesk3cryptocurrencydesktopCrypto News
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