TechFlow reported on September 24 that 42 Republican lawmakers, led by House Financial Services Committee Chairman Patrick McHenry and Senator Cynthia Lummis, jointly sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler, strongly urging the repeal of the controversial cryptocurrency accounting rule SAB-121.
The letter stated that the rule overturns established custodial norms for cryptocurrencies, undermining consumer protection and stifling financial innovation. They emphasized that SAB-121 was issued without consultation with any "prudent regulator" and that its accounting methodology significantly deviates from established accounting standards. "The bipartisan congressional vote on H.J. Res. 109 sent a clear message to the SEC: implementing policy changes through staff guidance is inappropriate and violates both the spirit and letter of the Administrative Procedure Act."
