• 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

James Wynn's Trading Account Plummets Amid Market Recovery

chest

Popular trader James Wynn's Bitcoin trading account has plummeted from nearly 100 million in profits to less than 1000 due to high-leverage trading and market volatility.

user avatarAisha Farooq

Securitize to Launch Currenc Group Equity as Digital Token on Solana and Ethereum

chest

Securitize plans to issue Currenc Group equity as a digital token on Ethereum and Solana, combining security and speed for tokenization of real-world assets.

user avatarBayarjavkhlan Ganbaatar

New Guidelines Seek to Improve Reporting Quality.

chest

A new editorial policy has been established to ensure accuracy, relevance, and impartiality in reporting.

user avatarMohamed Farouk

XRP's Design Offers Greater Protection Against Quantum Threats Compared to Bitcoin

chest

Experts suggest that XRP's design minimizes exposure to potential quantum attacks compared to Bitcoin.

user avatarElias Mukuru

Senators Question Trump's Attendance at Controversial Memecoin Luncheon

chest

Three Democratic senators have questioned the potential attendance of President Trump at a memecoin luncheon, raising ethical concerns about misleading promotions.

user avatarDiego Alvarez

Concerns Grow Over Bitcoin's Future Amid High Volatility

chest

Concerns grow over Bitcoin's future due to high volatility, which is four times that of the S&P 500. The launch of Bitcoin ETFs may lead to a market reversal, prompting investors to reconsider their positions.

user avatarKenji Takahashi

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.