• 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

Lack of Institutional Support Raises Questions on Bitcoin Price Predictions

chest

The absence of official statements from industry leaders and regulatory bodies casts doubt on Bitcoin's price forecasts.

user avatarMiguel Rodriguez

Ethereum's Role as a Neutral Arbitrator Highlighted

chest

Adriano Feria highlights Ethereum's role as a network of economic actors and a neutral arbitrator, emphasizing its significance beyond just technology.

user avatarLuis Flores

Japan's Trade Data Reveals Mixed Economic Signals

chest

Japan's trade data for November showed a 6.1% year-over-year increase in exports, surpassing economists' forecasts, but revised GDP numbers indicated a contraction of 0.6% in Q3.

user avatarArif Mukhtar

Binance Temporarily Suspends LUNC Deposits and Withdrawals for Network Upgrade

chest

Binance has announced a temporary suspension of deposits and withdrawals for Terra Classic LUNC to facilitate a significant network upgrade.

user avatarMaria Gutierrez

US Government Launches Tech Force to Bridge Skills Gap

chest

The US government has launched the Tech Force initiative to address critical skills gaps in technology sectors.

user avatarDavid Robinson

Nasdaq to Introduce 23-Hour Trading by 2026

chest

Nasdaq is set to extend its weekday stock trading hours to 23 by the second half of 2026, pending regulatory approval.

user avatarAndrew Smith

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.