<ul><li>Republicans in the US House of Representatives and Senate are urging the SEC to rescind Staff Accounting Bulletin No. 121 (SAB 121).</li><li>They claim that SAB 121 evaded the notice and comment rulemaking process and has negative impacts on custody rules for cryptocurrencies, consumer protections, and financial innovation.</li><li>The politicians argue that SAB 121 was issued without consulting prudent regulators and deviates from established accounting standards.</li><li>A repeal bill for SAB 121 received bipartisan support but was vetoed before it could be implemented.</li></ul>

House Republicans urge SEC to rescind ‘disastrous’ SAB 121

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