US Lawmakers Urge SEC To Repeal the Disastrous SAB 121 Bill

  • Congressional members urge the SEC to repeal the disastrous SAB 121 bill.

  • Lawmakers argue that the bill undermines crypto custody rules and stifles financial innovation.

  • MartyParty says that the potential cancellation of the bill will be the most bullish development.

Bipartisan members of Congress have called on the U.S. Securities and Exchange Commission (SEC) to revoke the controversial Staff Accounting Bulletin 121 (SAB 121).

In a letter led by House Financial Services Committee Chair Patrick McHenry and Senator Cynthia Lummis, lawmakers argued that the bulletin weakens crypto custody rules, potentially harming consumer protection and stifling financial progress.

The letter, dated September 23, 2024, addressed the urgency of overturning the “disastrous” SAB 121. Over 40 politicians urged SEC Chair Gary Gensler to annul the bill, arguing that it is “the only reasonable course of action and well within the SEC’s authority.”

What is SAB 121?

Introduced in 2022 by the SEC, SAB 121 requires public financial institutions to record crypto assets held for clients as liabilities on their balance sheets. The rule faced the ire of many as banks are


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