U.S. House Representative Criticizes SEC's SAB 121 Regulation

According to Odaily, U.S. House Representative Mike Flood recently expressed concerns over the Securities and Exchange Commission's (SEC) Staff Accounting Bulletin (SAB) 121. Despite facing widespread opposition, SAB 121 continues to function as a regulation without undergoing the standard Administrative Procedure Act process. Flood emphasized his intention to collaborate with the next SEC Chair to repeal SAB 121. He noted that whether current Chair Gary Gensler resigns voluntarily or is dismissed as promised by former President Trump, the new administration will have a significant opportunity to usher in a new era post-Gensler. Flood further commented on Gensler's opposition to the bipartisan digital asset regulatory framework passed by the House earlier this year. The framework, supported by 71 Democrats alongside House Republicans, was a notable moment for cryptocurrency regulation. Although the Democrat-led Senate rejected it, the framework could inform the efforts of a unified Republican government when the next Congress convenes in January. Flood's remarks highlight the ongoing debate over cryptocurrency regulation and the potential for significant policy shifts in the near future.