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Republican lawmakers are urging the SEC to repeal SAB 121, a controversial rule affecting banks that deal with crypto. Over 40 Congress members sent letters to major U.S. regulators, including SEC Chair Gary Gensler, demanding the repeal. SAB 121 requires banks to list crypto as liabilities, deterring them from offering crypto custody services.
Key Points:
- SAB 121 issued in April 2022
- Requires banks to reflect crypto as liabilities
- Criticized for hindering financial innovation
What do you think? Should SAB 121 be repealed? Comment below! đŹ