• 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

Nvidia Commits to US Manufacturing

chest

Nvidia CEO Jensen Huang announces the company's decision to bring chip manufacturing back to the United States, aligning with US government efforts to strengthen domestic semiconductor production.

user avatarNguyen Van Long

France Advocates for ESMA Supervision of Crypto Firms

chest

France has called for the European Securities and Markets Authority (ESMA) to supervise major cryptocurrency companies, joining Austria and Italy in addressing regulatory enforcement gaps in the EU.

user avatarMaya Lundqvist

Pepe's Growth Stalls as Investors Shift Focus to Mutuum Finance

chest

Pepe (PEPE) has seen significant growth but is now facing resistance, leading investors to consider Mutuum Finance as a more promising option.

user avatarSatoshi Nakamura

AAVE's Price Decline and Future Plans

chest

AAVE has recently experienced a significant price decline, dipping below $210, exacerbated by a sharp flash crash. Despite this, the AAVE team is actively working on strengthening its fundamentals, including the acquisition of Stable Finance to expand into retail lending markets.

user avatarJesper Sørensen

Grant Cardone Expands Boca Bitcoin Hybrid Fund with $22 Million Bitcoin Purchase

chest

Real estate mogul Grant Cardone has announced a new $22 million Bitcoin acquisition to expand the Boca Bitcoin Hybrid Fund, which combines real estate investments with Bitcoin holdings.

user avatarRajesh Kumar

Elizabeth Warren Refutes Defamation Claims from Binance's Changpeng Zhao

chest

US Senator Elizabeth Warren has formally rebutted defamation allegations made by Binance founder Changpeng Zhao, citing DOJ language and constitutional protections.

user avatarLucas Weissmann

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.