• 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

2 years 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

Dogecoin Derivatives Show Risk-On Sentiment Amid Market Challenges

chest

Despite a cooling market, Dogecoin derivatives indicate a bullish sentiment among leveraged traders.

user avatarAyman Ben Youssef

Dogecoin's Social Momentum Declines Amid Market Cooling

chest

Dogecoin experiences a significant drop in social media interactions and on-chain activity, indicating a cooling market.

user avatarSon Min-ho

Cardano's Price Faces Bearish Conditions Amid Development Surge

chest

Cardano's price remains in a multi-year bear cycle despite significant development activity, with predictions of a drop towards 0.10 by the end of the year.

user avatarTando Nkube

Cardano Emerges as Leading Blockchain in Development

chest

Cardano has emerged as the leading blockchain in development, controlling over 89% of the total Layer 1 share and surpassing major chains in code commits.

user avatarKofi Adjeman

XRP Positioned to Transform Crypto Sector and Challenge Traditional Finance

chest

Market expert Vet claims XRP could accelerate DeFi adoption and challenge TradFi systems.

user avatarSatoshi Nakamura

Flare Co-Founder Critiques XRP Claims Amid DeFi Debate

chest

Hugo Philion, co-founder of Flare Network, critiques Vet's claims about XRP's superior protocol design, emphasizing the need for thorough testing and highlighting ongoing debates in the crypto community.

user avatarNguyen Van Long

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.