According to Blockworks, on Tuesday, the U.S. House of Representatives Financial Services Subcommittee held a hearing on how the Securities and Exchange Commission (SEC) handles cryptocurrency enforcement actions, during which Democrats and Republicans clashed over the matter. Ann Wagner, chair of the Capital Markets Subcommittee, mentioned the SEC's recent sanctions in its handling of the Debt Box case. However, Representatives Brad Sherman and Maxine Waters refuted Wagner's point of view, believing that the SEC's handling of misconduct was appropriate. The hearing was held the day before the House Rules Committee promoted a joint resolution that would overturn the SEC's Staff Accounting Act (SAB) 121, a controversial proposal that requires digital asset custodians to report liabilities and "corresponding assets" on their balance sheets for all cryptocurrencies they hold.
