Rep. Flood Pushes Bipartisan H.J. Res. 109 to Repeal SEC's SAB 121

May 7, 2024, 02:44 PM

Representative Mike Flood is actively advocating for the repeal of SAB 121 with a bipartisan resolution, H.J. Res. 109. This SEC regulation under Gary Gensler has hindered banks from custodian cryptocurrencies, causing consumers to struggle in finding secure storage for their assets. Flood testified before the House Rules Committee, criticizing the rule for limiting options and increasing risks, which he argues contradicts the SEC's goal of protecting investors. House Republicans have also expressed their support, emphasizing the need for oversight and accountability of the SEC.