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."

ChainCatcher news, outgoing Republican Congressman Patrick McHenry stated on social media that the president's veto undermines consumer protections in the digital asset market and disrupts decades-old custody rules. By rejecting the bipartisan consensus reached by Congress, the government is doubling down on its failed practices. Action on the "Financial Innovation and Technology for the 21st Century Act" (FIT21) in the Senate is more urgent than ever.

ChainCatcher message, due to concerns that the digital dollar would infringe on personal privacy, Republican lawmakers have once again proposed legislation to block efforts to introduce central bank digital currency (CBDC) in the United States. On Monday, U.S. Senator Ted Cruz (Republican from Texas) attended the submission of legislation titled "CBDC Anti-Surveillance State Act" along with Senators Bill Hagerty (Republican from Tennessee), Rick Scott (Republican from Florida), Ted Budd (Republican), and Mike Braun (Republican).The leading candidate in the Republican leadership race, former President Donald Trump, has pledged to ban the creation of CBDC.

ChainCatcher News, U.S. House Majority Whip Tom Emmer stated on social media: "Today, I introduced the Securities Clarity Act with Congressman Darren Soto, which clarifies the regulatory classification of digital assets, providing market certainty for innovators and clear jurisdictional boundaries for regulators."The Securities Clarity Act inserts a key term, "investment contract asset," into existing securities law, allowing cryptocurrency projects to fully realize their potential in a compliant manner, enabling the U.S. to compete globally in the next iteration of the internet.It stated that without distinguishing between assets and securities contracts, once a project is decentralized, Token projects that raise funds for development cannot escape the securities framework, which hinders the utility of the project and ultimately harms Token holders. (Source link)