Should Congress repeal the SEC rule safeguarding crypto-assets?

Economy and Taxation
Repeal a Securities and Exchange Commission rule regarding crypto asset accounting (H. J. RES. 109)
This bill has Passed the House of Representatives
Bill Summary

H.J.RES. 109 seeks to repeal a Securities and Exchange Commission rule establishing guidance for entities responsible for holding crypto assets and crypto asset accounting. It delineates specific risks and standards related to crypto asset accounting for financial reporting purposes. It sets out standards to manage and account crypto assets highlighting the special risks associated with them. Sponsor: Rep. Mike Flood (Republican, Nebraska, District 1)
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Opponents say

•      At the time of research and publication, no official opposing statements have been identified.  This does not mean that nobody opposes the bill, nor does it mean that opposing statements will not be made in the future.  

Proponents say

•      "The Government Accountability Office has spoken. The SEC’s Staff Accounting Bulletin 121 (SAB 121) goes beyond the scope of an accounting bulletin and is effectively a rule [...] The SEC issued SAB 121 without conferring with prudential regulators despite the accounting standard’s effects on financial institutions’ treatment of custodial assets, and the SEC issued SAB 121 without going through the notice-and-comment process. In the face of overreach by a regulator, it is the role of Congress to serve as a check. I am proud to jointly introduce a bipartisan resolution of congressional disapproval with Senator Lummis and Congressman Nickel to fulfill that role." Source: Rep. Mike Flood (Republican, Nebraska, District 1)


•      "SAB 121 has massive implications, and the SEC should have received feedback on it from the federal banking regulators and the public before implementing this legally binding directive [...] I have serious concerns over the impact of this bulletin on consumer protection and ensuring well-regulated financial institutions are able to provide safe custody for Americans’ hard-earned financial assets." Source: Sen. Cynthia Lummis (Republican, Wyoming)

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