Republic Senators Urge SEC to Rescind ‘Disastrous’ SAB 121

More than 40 Republican Party senators and representatives in the United States have urged the SEC to rescind its “disastrous” Staff Accounting Bulletin No. 121 (SAB 121) rule, following bipartisan support for a repeal bill that was vetoed. In a letter dated Sept. 23 to SEC Chair Gary Gensler, House Financial Services Committee Chair Patrick McHenry and Senator Cynthia Lummis, along with 40 other politicians, claimed that SAB 121 disrupts custody rules for cryptocurrencies, weakens consumer protections, and stifles financial innovation. The 42 politicians further stated that SAB 121— a proposed rule requiring SEC-reporting entities that hold cryptocurrencies to list