Tagged: sab 121

September 23, 2024 @ 6:00 pm By JD Alois  |  

Representative Patrick McHenry, Chairman of the House Financial Services Committee, and Senator Cynthia Lummis have sent a letter demanding the Securities and Exchange Commission rescind Staff Accounting Bulletin (SAB) 121.  The bicameral letter has been signed by 42 members of Congress. Both Lummis and McHenry… Read More

July 10, 2024 @ 4:55 pm By JD Alois  |  

Congressman Patrick McHenry took to the floor of the House today to criticize the actions of President Joe Biden regarding his veto of HJ Res. 109 as well as the inability of FIT21 – digital asset legislation – to become law. McHenry noted that HJ… Read More

June 6, 2024 @ 7:08 am By Omar Faridi  |  

Anchorage Digital Bank N.A. is the only federally-chartered bank not impacted by Staff Accounting Bulletin No. 121 (SAB 121), allowing them to provide custody at scale to institutional clients across the crypto ecosystem. The goal of SAB 121—to ensure that investors are “informed about the… Read More

May 16, 2024 @ 2:34 pm By JD Alois  |  

Following approval in the House earlier this month, the US Senate has voted on and approved HJ Res. 109, which overturns the SEC’s Staff Accounting Bulletin (SAB) 121 under the Congressional Review Act (CRA). When the House approved the resolution. Chairman of the House Financial… Read More

February 2, 2024 @ 1:41 pm By JD Alois  |  

In an X, Congressman Mike Flood revealed a Joint Resolution to revoke the authority of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121. This SAB was enacted in 2022 and impacted the digital asset industry. The SAB addressed the “accounting for obligations to… Read More

November 1, 2023 @ 12:28 pm By JD Alois  |  

Representative Patrick McHenry and Senator Cynthia Lummis have joined to issue a statement criticizing a recent action by the Securities and Exchange Commission (SEC). McHenry is Chair of the House Financial Services Committee. Lummis sits on the Senate Banking Committee. The statement revolves around the… Read More

March 2, 2023 @ 7:43 pm By JD Alois  |  

Congressman Patrick McHenry, Chair of the House Financial Services Committee, and Senator Cynthia Lummis, have co-authored a letter addressed to federal regulators demanding regulatory clarity on digital assets. Both elected officials are known for their support of Fintech innovation. Lummis has co-authored legislation aiming to… Read More