• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Republicans Demand Reversal of SEC's SAB 121 Rule

user avatar

by Giorgi Kostiuk

a year ago

  1. Criticisms of SAB 121
  2. Reaction and Support
  3. Background of the Situation


    4. More than 40 US Republicans have urged the Securities and Exchange Commission (SEC) to rescind the widely criticized SAB 121 rule.

    Criticisms of SAB 121

    SAB 121 was proposed without consulting regulators and deviates from established accounting standards. Republicans argue that the new rule undermines consumer protections and stifles financial innovation.

    Reaction and Support

    Republicans also mentioned that the SEC bypassed the notice and comment rulemaking process required by the Administrative Procedure Act. The letter states that the rule fails to reflect the legal and economic obligations of the custodian, increasing risks for consumers.

    Background of the Situation

    The SAB 121 repeal bill was vetoed by President Joe Biden in June, despite receiving bipartisan support. The House failed to overturn the veto, falling 60 votes short of moving the matter to the Senate.

    The letter, signed by over 40 Republican members, was sent ahead of a Financial Services Committee hearing scheduled for September 24, where discussions regarding SAB 121 are expected to take place.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Bithumb Suspends POL Transactions for Network Upgrade

chest

Bithumb has announced a temporary halt on POL token transactions to support a crucial upgrade to the Polygon network.

user avatarZainab Kamara

SEC Rescinds SAB 121, Enhancing Crypto Custody Opportunities

chest

The SEC has rescinded Staff Accounting Bulletin 121, removing capital barriers for banks to offer crypto custody services, which is expected to enhance institutional participation in the crypto custody market.

user avatarSon Min-ho

SAPIEN's Price Movement and Market Metrics Indicate Bullish Potential

chest

SAPIEN's price movement and trading metrics suggest a bullish potential as it approaches key resistance levels.

user avatarAyman Ben Youssef

Ripple CEO Discusses the Role of Stablecoins in Crypto Adoption

chest

Ripple CEO Brad Garlinghouse emphasized the importance of stablecoins as a key pillar for crypto adoption and market stability during his speech at Binance Blockchain Week.

user avatarTando Nkube

Stellar's Market Traction Influences Financial and Leadership Dynamics

chest

Stellar's recent market traction is reshaping the financial landscape and leadership strategies within the cryptocurrency sector.

user avatarKofi Adjeman

Final Verdict on Bitcoin's Value Proposition

chest

The debate between Peter Schiff and CZ Changpeng Zhao highlights that Bitcoin's value is based on its unique attributes and global consensus, distinguishing it as a borderless monetary network.

user avatarSatoshi Nakamura

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.