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Will the SEC rescind SAB 121 by the end of 2024?
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SEC•Gary Gensler•Republican•House Financial Services Committee•Patrick McHenry•Cynthia Lummis•Republicans•Staff Accounting Bulletin 121•McHenry•Gensler•Tom Emmer•Hester Peirce
Resolution / Starting Odds
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No • 50%
Official SEC announcements or press releases
Story
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.
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SAB 121 is rescinded • 25%
SAB 121 is modified • 25%
SAB 121 remains unchanged • 25%
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