Republican lawmakers are criticizing the SEC’s approach to crypto custody regulation. 🏛️

- The group, led by Rep. Patrick McHenry and Sen. Cynthia Lummis, called on SEC Chairman Gary Gensler to withdraw SAB 121.

- They claim SAB 121 was enacted without following the formal regulatory process and exposes consumers to greater risks.

- The SEC’s favoring of certain financial institutions has also been criticized.