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SEC Chair Gensler Faces GOP Scrutiny Over SAB 121 Crypto Rule

Sep 23, 2024, 09:36 PM

Securities and Exchange Commission (SEC) Chair Gary Gensler is under scrutiny as he prepares to testify before Congress. GOP lawmakers, led by Rep. Patrick McHenry and Sen. Cynthia Lummis, have urged the SEC to rescind Staff Accounting Bulletin (SAB) 121. This rule requires entities to recognize digital assets as liabilities. The call for rescission comes amid bipartisan, bicameral opposition, with 42 members of Congress signing a letter demanding the rule be nullified. The crypto market is on edge as the SEC's aggressive regulatory stance faces significant pushback.