SEC Chair Gensler Faces GOP Scrutiny Over SAB 121 at Sep 24-25 Hearing

Sep 24, 2024, 02:30 PM

SEC Chair Gary Gensler is facing significant scrutiny from Republican lawmakers during a House Financial Services Committee oversight hearing on Sep 24-25. Led by Rep. Patrick McHenry and Sen. Cynthia Lummis, Republicans have demanded the rescission of Staff Accounting Bulletin 121 (SAB 121), which requires entities to recognize digital assets as liabilities, amid bipartisan, bicameral opposition. McHenry has labeled the SEC a 'rogue agency,' criticizing its regulatory approach and lack of clarity on crypto assets. During the hearing, Gensler was grilled over his handling of crypto regulations, with GOP Majority Whip Tom Emmer calling him the 'most destructive and lawless Chairman of the SEC.' Hester Peirce, another SEC Commissioner, also expressed concerns about the agency's ambiguous regulatory stance.