Press Releases

Today, ahead of an expected Senate vote on H.J.Res 109, Congressman Wiley Nickel (NC-13) sent a letter to SEC Chair Gary Gensler calling on the agency to withdraw its Staff Accounting Bulletin 121 (SAB 121) in order to protect investors and the financial system, bolster American competitiveness, and respect Congress’s role in the administrative rulemaking process.

Last week, the House of Representatives passed H.J.Res. 109, Rep. Nickel’s resolution with Rep. Mike Flood (NE-01) to repeal SAB 121 under the Congressional Review Act. It is expected to pass the Senate this week with bipartisan support.

“Unfortunately, the SEC’s open hostility toward the digital assets industry isn’t serving President Biden’s best interests,” wrote Congressman Nickel. “The SEC is turning cryptocurrency regulation into a political football and forcing President Biden to choose sides on an issue that matters to many Americans.”

The full letter is available HERE.