Press Releases

Today, following the House vote to override President Biden’s veto of H.J. Res. 109, which repeals the Securities and Exchange Commission’s (SEC’s) Staff Accounting Bulletin No. 121 (SAB 121) under the Congressional Review Act, Congressman Wiley Nickel (NC-13) issued the following statement:

“Today's veto override vote reaffirmed that there’s a bipartisan coalition in Congress that won’t stand idly by as Gary Gensler and the SEC deliberately sidestep the statutory rulemaking process and overstep their regulatory authority,” said Congressman Wiley Nickel. “By forcing the administration to choose sides on an issue that matters to many Americans, Gary Gensler and the SEC are not serving the people’s interests. Consumers are safest when well-regulated custody experts such as banks hold their assets. Without rescinding SAB 121, consumers must rely on significantly less regulated non-banks and offshore solutions, putting them and our entire financial system at risk.

“I once again call on Chair Gensler to listen to the American people and immediately withdraw or amend SAB 121. If he fails to do so, it's on Congress to act. The Uniform Treatment of Custodial Assets Act that I introduced with Reps. Flood, Torres, and Hill, would prohibit the SEC from implementing SAB 121 and ensure that banks are able to safely offer digital asset custody services. I urge Chairman McHenry and Ranking Member Waters to consider marking up our bipartisan bill to get this right.”