The House Financial Services Committee is making strides in advancing US Rep Mike Flood’s bill to revoke Staff Accounting Bulletin (SAB) 121 rule this Thursday. This move is pivotal in paving the way for a surge in institutional crypto adoption. Perianne Boring, CEO of the Chamber of Digital Commerce, revealed the the update stating, “Momentum is building in Washington.”
Legal Actions & Statements Against SAB 121
Earlier, Senator Lummis voiced her concerns, stating, “SAB 121 has massive implications, and the SEC should have received feedback on it from the federal banking regulators and the public before implementing this legally binding directive.” She emphasized the necessity of ensuring consumer protection and the ability of well-regulated financial institutions to securely custody Americans’ assets.
Congressmen Mike Flood and Wiley Nickel are taking action by introducing a resolution under the Congressional Review Act, asserting that the rule should have no force or
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