Providing for Congressional Disapproval of the Rule Submitted By the Securities and Exchange Commission Relating to ``Staff Accounting Bulletin No.

Floor Speech

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Mr. CURTIS. Mr. Speaker, I rise today in favor of H.J. Res. 109 which would repeal the SEC's unnecessary regulations on cryptocurrency and the banking industry.

The SEC and its chairman, Gary Gensler, have repeatedly overstepped their authority and targeted cryptocurrencies.

The SEC's latest unnecessary regulation was implemented outside of the regular rulemaking process and bypassed established procedures, and it shows.

This rule will limit banks' ability to offer digital assets as part of their custodial services. This makes it more challenging for Americans to safely engage with digital assets under the advisement of their local banks who are able to accurately inform them of risks of investments.

Crypto is a legitimate market used by millions of Americans. Hundreds of thousands of those are in my district. Unfortunately, today they have been referred to as ``criminals and drug dealers,'' and I take offense to that.

We should be giving investors opportunities to take part in cryptocurrencies, not putting up artificial barriers.

Mr. Speaker, I urge my colleagues to support this resolution and repeal the regulation.

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