U.S. Congressman Mike Flood: Looking forward to working with the next SEC Chairman to revoke the anti-crypto banking policy SAB 121

The U.S. House of Representatives will testify to Rep. Mike Flood’s recent statement: “Despite widespread opposition, SAB 121 is still operating effectively as a regulation, even though it has never been through the normal Administrative Procedure Act process.” Flood said: “I look forward to working with the next SEC chairman to revoke SAB 121. Whether Chairman Gary Gensler leaves on his own or President Trump fulfills his promise (to fire Gensler), the new administration has an excellent opportunity to usher in a new era after Gensler leaves office.” He added: “It should not be surprising that Gensler opposed the digital asset regulatory framework that passed the House on a bipartisan basis earlier this year. 71 Democrats joined House Republicans in passing this common-sense framework. Although the Democratic-led Senate refused to accept it, it represents a breakthrough moment for cryptocurrencies and may inform the work of a unified Republican administration when the next Congress begins in January next year.”