Press Releases

Today, Congressman Wiley Nickel (NC-13) issued the following statement after his bipartisan resolution, H.J. Res. 109, which repeals SAB 121 under the Congressional Review Act, passed in the U.S. House of Representatives:

“Today, Democrats and Republicans in the House took an important next step on the road to rescinding the SEC’s Staff Accounting Bulletin No. 121,” said Congressman Wiley Nickel. “SAB 121 prevents well-regulated banks from safeguarding digital assets, making the industry less safe for consumers. Gary Gensler and the SEC deliberately sidestepped the customary regulatory process, amounting to an obvious overreach of the agency’s authority. It’s past time for us to take action to protect investors and the financial system, encourage innovation, bolster American competitiveness, and restore the role of Congress in the administrative rulemaking process. I thank my colleagues on both sides of the aisle for joining this bipartisan initiative I’m leading with Congressman Flood and look forward to working closely with Senator Lummis who is spearheading this effort in the Senate.”