According to Cointelegraph, more than 40 US Republicans called on the US securities regulator to revoke the "disastrous" SAB 121 rule. Previously, the bill to repeal the rule received bipartisan support but was rejected. SAB 121 subverts the custody rules for cryptocurrencies, weakens consumer protection, and hinders financial innovation. House Financial Services Committee Chairman Patrick McHenry, Senator Cynthia Lummis and 40 other politicians wrote to SEC Chairman Gary Gensler on September 23, saying that the rule did not consult any "prudent regulators" and deviated from established accounting standards. The politicians also accused the SEC of circumventing the notice and comment procedures required by the Administrative Procedure Act through employee guidance. The letter was sent before the September 24 hearing between the House Financial Services Committee and the SEC. The politicians also criticized the SEC's Chief Accounting Office for working with certain agencies to avoid balance sheet reporting requirements, resulting in possible inconsistencies. The Bank of New York, the largest custodian bank in the United States, allegedly obtained an exemption from SAB 121 at a Wyoming legislative hearing on September 17. The letters of support are mainly from Republican members of the House Financial Services Committee and the Senate Banking, Housing and Urban Affairs Committee. Representatives French Hill and Tom Emmer and Senators Bill Hagerty and Tim Scott are among the signatories. SAB 121 repeal bill was vetoed by President Biden in June after receiving bipartisan support. The House failed to override the veto on July 10, falling 60 votes short of the required two-thirds majority.