OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

McHenry, Lummis Release Statement Following GAO Determination on Staff Accounting Bulletin 121

Statement

Date: Oct. 31, 2023
Location: Washington, D.C.
Issues: Finance and Banking Business, Consumers, and Employees

The GAO confirmed what many suspected: SAB 121 is subject to Congressional review. This rule would impose massive new requirements on financial institutions and other firms to place digital assets on their balance sheets as a liability with a corresponding asset. Ultimately, this would deter institutions and firms from offering custodial services--denying Americans access to safe and secure custody of their assets. SAB 121 was drafted with zero input from prudential regulators and the public, and now Congress must step in to block this harmful rule."


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