• 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

HYPE Token Experiences Major Price Surge Amid Market Trends

chest

HYPE token has surged over 65% year-to-date and nearly 200% over the past year, reflecting strong market performance amid uncertainties.

user avatarLucas Weissmann

Bitwise Moves Closer to Launching Spot Hyperliquid ETF

chest

Bitwise has filed a second amendment with the SEC for its spot Hyperliquid ETF, adding new trading counterparties ahead of its launch.

user avatarRajesh Kumar

Bitcoin Price Rally Sparks Hope for Bullish Rebound

chest

Bitcoin recently traded as high as 73,000, indicating a potential bullish rebound despite being in a bear phase for over six months.

user avatarFilippo Romano

Bitcoin Price Slips Below 73,000 Amid Changing Investor Sentiment

chest

Bitcoin price dipped below 73,000 as investors adjust their exposure amid inflation concerns.

user avatarEmily Carter

Wall Street Firms Build Infrastructure for Institutional DeFi

chest

Wall Street firms are building infrastructure for institutional DeFi, processing over $8 trillion in tokenized repo settlements and enabling on-chain governance for tokenized equity.

user avatarTomas Novak

Ethereum Emerges as Leader in Tokenizing Real-World Assets

chest

Ethereum is becoming the leading platform for tokenizing traditional assets, with significant institutional investment.

user avatarKaterina Papadopoulou

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.