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Rep. McHenry seeks to get measure to repeal SEC accounting bulletin 'across the finish line'
House Financial Services Committee Chair Patrick McHenry, R-N.C., said he aims to get a measure to rescind a Securities and Exchange Commission bulletin that sets certain accounting standards for firms that custody crypto. Sen. Cynthia Lummis, R-Wyo., and Reps. Mike Flood, R-Neb., and Wiley Nickel, D-N.C., introduced a joint resolution to block the SEC's Staff Accounting Bulletin No. 121, known as SAB 121, on Thursday. The bulletin requires firms that custody crypto to record customer crypto holdings as liabilities on their balance sheets. "There is bipartisan agreement SAB 121 undermines consumer protection and ... (full story)