• 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

Tether Launches Self-Custodial Digital Wallet TetherWallet

chest

Tether has launched a self-custodial digital wallet called TetherWallet, supporting USDT, USAT, Bitcoin, and XAUT, aimed at enhancing accessibility for mainstream users.

user avatarAndrew Smith

Senators Near Compromise on Stablecoin Yield Issue

chest

Senators negotiating the stablecoin yield issue are making progress, with a draft compromise expected to be released later this week.

user avatarJacob Williams

Bitcoin Surges Past $75,000 Mark Amid Rising Short Liquidations

chest

Bitcoin's price has risen to over $75,000, marking its highest level since early February, driven by significant short liquidations.

user avatarZainab Kamara

Ethereum and Other Cryptos Also Experience Significant Gains

chest

Ethereum and other major cryptocurrencies have seen substantial price increases, contributing to the overall positive sentiment in the crypto market.

user avatarSon Min-ho

Evernorth Collaborates to Introduce Native XRP Lending

chest

Evernorth is collaborating with XRPL developers to introduce native XRP lending through the proposed XLS66 amendment, unlocking up to 100 billion in idle XRP capital for holders.

user avatarAyman Ben Youssef

NHN KCP and Avalanche Join Forces to Create a New Payment-Focused Blockchain

chest

NHN KCP partners with Avalanche to create a new Layer 1 blockchain focused on real-world payments.

user avatarTando Nkube

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.