42 Republican lawmakers in the United States jointly sent a letter requesting the SEC to repeal the cryptocurrency bill SAB-121

ChainCatcher news, a letter signed by 42 Republican lawmakers led by House Financial Services Committee Chairman Patrick McHenry and Senator Cynthia Lummis, strongly urges the Chairman of the Securities and Exchange Commission (SEC) Gary Gensler to repeal the controversial cryptocurrency accounting rule SAB-121.

The letter points out that the rule undermines the custody standards for cryptocurrencies, not only weakening consumer protection but also stifling financial innovation. They specifically emphasize that SAB-121 was issued without consulting any "prudent regulatory agency," and its accounting methods deviate significantly from established accounting standards. "The vote in both chambers on H.J. Res. 109 sent a clear message to the SEC. It is inappropriate to implement policy changes through the issuance of staff guidance, which violates the spirit and letter of the Administrative Procedure Act."