Tagged: sab 121

McHenry Slams President Biden for Vetoing Congressional Resolution Challenging the SEC’s Staff Accounting Bulletin No. 121

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

Anchorage Digital Not Impacted by SAB 121 But Strongly Supports its Repeal or Withdrawal

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

US Senate Approves Joint Resolution that Overturns SAB 121 – the SEC Rule that Prevents Certain Regulated Firms from Providing Custody for Digital Assets

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

Congress Introduces Joint Resolution to Revoke SEC’s SAB 121 that Blocks Banks from Providing Custody of Digital Assets

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

Representative McHenry, Senator Lummis Criticize SEC Action After GAO Report on Staff Accounting Bulletin

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

Representative McHenry, Senator Lummis Send Letter to Federal Regulators Demanding Digital Asset Regulatory Clarity

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

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