Bipartisan Lawmakers Seek Repeal of Controversial SEC Crypto Accounting Rule
• Bipartisan lawmakers seek to repeal SEC crypto accounting policy SAB 121 • SAB 121 places restrictions on crypto custodians and reporting requirements • Lawmakers say SAB 121 was issued without consultation and is unenforceable • Industry groups argue SAB 121 threatens banks' ability to provide crypto custody • Repeal effort comes amid broader pushback against SEC's crypto oversight