🚀 **Crypto Custody Chaos: Politicians vs. SEC!**

- Over 40 U.S. Republicans are urging the SEC to ditch its "disastrous" SAB 121 rule.

- SAB 121 requires crypto holdings to be recorded as liabilities, which critics say weakens consumer protections and stifles innovation.

- The rule was issued without consulting "prudent regulators," deviating from established accounting standards.

- Critics argue it risks consumer losses and bypasses proper rulemaking processes.

- The House of Financial Services Committee is set to grill the SEC on this issue on Sept. 24.

- Fun twist: Bank of New York reportedly got an exemption! 🤔