Official legislative records or announcements from U.S. Congress

Rep. Mike Flood, Criticizing SEC's Gensler, Pushes H.J.Res. 109 to Repeal SAB 121

May 7, 2024, 02:00 PM

Recent legislative and regulatory actions have sparked significant debate around the custody of cryptocurrencies by banks. The implementation of SAB 121 by the SEC, led by Gary Gensler, has been criticized for making it untenable for banks to hold digital assets, thereby impacting consumer protections and forcing individuals to seek alternative secure storage solutions. In response, U.S. Representative Mike Flood has been actively challenging this regulation, advocating for its repeal through his bipartisan resolution, H.J.Res. 109. He argues that SAB 121 limits options and increases risk, which contradicts the SEC's mission to protect investors. Critics also highlight the undue influence of aligned politicians in these regulatory overreaches.