• 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

Japan's Tax Reform Plan for Cryptocurrencies by 2026

chest

Japan aims to cut capital gains tax on cryptocurrencies to 20% by 2026, with no special tax cut for Ethereum.

user avatarArif Mukhtar

Reclassification of Cryptocurrencies as Financial Products in Japan

chest

Japan's Financial Services Agency (FSA) plans to reclassify cryptocurrencies like Ethereum as financial products under the Financial Instruments and Exchange Act by 2026.

user avatarMaria Gutierrez

New Tax Laws Impacting Employees

chest

New tax laws have been introduced that will affect employees, aiming to update the tax system and resulting in new tax obligations for workers.

user avatarDavid Robinson

BNB Tokenomics and Price Predictions for 2026

chest

As BNB Chain enters 2026, analysts are examining its tokenomics and supply dynamics, which are crucial for determining BNB's price. Projections range from bearish scenarios of $600 to $800 to optimistic estimates of $1,500 to $2,100, influenced by market conditions and regulatory developments.

user avatarAndrew Smith

Q4 2025 Sees a Decline Across All Cryptocurrency Sectors.

chest

Grayscale characterizes Q4 2025 as a consolidation phase with negative returns across all six crypto sectors.

user avatarJacob Williams

Outset PR Revolutionizes Crypto PR with Data-Driven Methodology

chest

Outset PR has established itself as a leader in the crypto communications space by employing a data-driven approach that connects market events with meaningful storytelling.

user avatarZainab Kamara

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.