Republican Senator Urges President Biden Not to Veto Repeal of SEC's SAB-121 (Keywords)

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

Overview

Republican Senator Cynthia Lummis has penned a letter to President Joe Biden, urging him not to veto Congress's repeal of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin-121 (SAB-121). The contentious nature of SAB-121 and the crypto industry’s interest in Biden's decision as the June 3 deadline approaches are key points highlighted in the communication.

Conflict Surrounding SAB-121

Senator Lummis, recognized for her support of cryptocurrencies, criticized the SEC's issuance of SAB-121 and its lack of transparency in disclosing the guidance. She raised concerns about the SEC's avoidance of standard rulemaking procedures, which excluded key stakeholders from participating in the policy-making process.

In her letter, Lummis emphasized, “The SEC's directive bypassed essential procedures, hindering critical feedback from stakeholders like banking regulators, and evaded requirements specified in the Administrative Procedure Act.”

Congressional Response

Lummis concluded her letter by referencing SEC Chair Gary Gensler’s stance on retaining the rule and the bipartisan message sent by Congress through the repeal of SAB-121. The SEC’s controversial Bulletin, originally set for implementation on April 11, 2024, encountered strong resistance from the crypto community and lawmakers.

The House of Representatives and the Senate unified in favor of repealing the SEC’s guidance, with Congress decisively voting to overturn SAB-121 by substantial margins.

Potential Biden Decision

Although President Biden had hinted at vetoing the repeal, recent developments suggest a shift in policy regarding cryptocurrencies within the White House. Engagements with blockchain companies for future crypto regulations and the influence of past pro-crypto sentiments from former President Trump may sway Biden's decision.

The impending June 3 deadline heightens anticipation within the crypto industry for Biden’s verdict on the contentious repeal of SAB-121.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

CF Benchmarks Introduces CFB Oracle to Enhance On-Chain Price Integrity

CF Benchmarks has launched CFB Oracle, a service providing cryptographically signed index information for applications on Ethereum mainnet, HyperEVM, and Robinhood Chain.

user avatarLuis Flores

SEC Proposes New Custody Framework for Crypto Assets

The SEC has proposed a new custody framework for investment advisers and registered funds dealing with crypto assets, allowing for potential self-custody and the use of state trust companies as custodians.

user avatarArif Mukhtar

FINMA Approves First Swiss Retail Bitcoin ETF

Switzerland's financial regulator, FINMA, has approved its first retail ETF that invests directly in Bitcoin, allowing retail investors to gain regulated exposure to Bitcoin.

user avatarMaria Gutierrez

EIP7906 Proposal Considered for Enhancing Ethereum Transaction Safety

The Ethereum Foundation is considering EIP7906, which proposes a readonly post-transaction frame to evaluate changes and events before accepting transaction outcomes.

user avatarDavid Robinson

Ethereum Foundation Investigates Enhancements to Transaction Safety

Researchers at the Ethereum Foundation are examining native transaction assertions to enhance transaction safety and reliability in digital asset markets.

user avatarAndrew Smith

Ethereum Developers Delay Glamsterdam Upgrade on Hoodi Testnet

Ethereum developers have postponed the Glamsterdam upgrade initially scheduled for the Hoodi testnet on October 26, with no new activation date provided.

user avatarJacob Williams

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.