Rep. Wiley Nickel, 21 Dems Urge SEC to Withdraw SAB 121 Amid Bipartisan Senate Effort

May 15, 2024, 04:09 PM

Representative Wiley Nickel has taken a strong stance against the SEC's Staff Accounting Bulletin 121, calling for its withdrawal. In a letter to SEC Chair Gary Gensler, Nickel criticized the SEC's approach to the digital assets industry, stating that it is not serving President Biden's best interests. Nickel's actions follow a bipartisan effort in the Senate to nullify SAB 121, with 21 Democratic representatives, including RepRitchie, voting for its repeal. Nickel's letter highlights concerns that the SEC's policies are turning cryptocurrency into a political issue, forcing the President to take sides unnecessarily. The letter was sent on May 15, following the expected bipartisan Senate vote.