In a letter sent to President Biden on Thursday, Republican Senator Cynthia Lummis, Chairman of the House Financial Services Committee Patrick McHenry, and other lawmakers urged him not to veto SAB 121.
President Biden had previously stated his intention to veto the repeal of SEC Staff Accounting Bulletin 121 (SAB 121). The White House stated that “restricting the ability of the SEC to maintain a comprehensive regulatory framework for cryptocurrency assets would bring significant financial instability and market uncertainty.”
In the letter, Cynthia Lummis and others stated, “Given the overwhelming bipartisan vote, we urge you to sign HJ Res. 109 or work with the SEC to rescind the staff guidance, repeal SAB 121 entirely within the SEC’s authority, and have sufficient precedent to reconsider the staff accounting bulletin.”
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Tags:
Cynthia Lummis
Patrick McHenry
SAB 121
SEC
Source link:
https://www.theblock.co/post/297735/sen-cynthia-lummis-and-rep-patrick-mchenry…
Note: The content of this article represents the author’s point of view and does not constitute investment advice.
Original article link:
https://www.bitpush.news/articles/6823131
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