"It would disrupt the SEC's work to protect investors in the cryptoasset market and the broader financial system, and would invalidate SEC Accounting Bulletin 121 (SAB 121), which reflects the SEC staff's views on the accounting obligations of certain cryptoasset companies."
The administration added that SAB 121 "addresses demonstrated technical, legal, and regulatory risks that have resulted in significant losses to consumers," and that such a law, if enacted, could threaten financial stability:
"Implementation of the Congressional Review Act could also unnecessarily limit the SEC's ability to provide appropriate protective barriers and address future challenges to cryptoassets, including financial stability. Limiting the SEC's ability to maintain a comprehensive and effective financial regulatory system for cryptoassets would create significant financial instability and uncertainty in the marketplace.
Meanwhile, similar opposition to #cryptocurrency legislation has led to criticism from current U. S. presidents, including former rival Donald Trump, whom Biden recently mocked for his alleged lack of understanding of the crypto industry.
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