Reversal of SAB 121: What it means for US crypto asset regulation
Date: 2024-05-10 Author: Gabriel Deangelo Categories: IN WORLD
The US House of Representatives passed a resolution to repeal SEC guidance on accounting for crypto assets, sparking widespread debate and concerns about the impact on financial stability.
An important decision was made in the US House of Representatives: a resolution to repeal SAB 121 from the SEC received support, causing widespread public outcry and debate.
Criticism of the crypto community and support from Biden
SAB 121 has drawn outrage from the cryptocurrency community for its recommendations to banks, and President Joe Biden has defended the SEC, promising to veto the resolution if it comes before him.
Concerns about financial stability
Supporters of the resolution raise concerns about the potential impact of repealing SAB 121 on financial stability, while opponents emphasize consumer protection and the need for balanced regulation.
The resolution seeks to overturn the Bulletin and even prohibit the SEC from ever taking such action, sparking public debate and representing an important milestone in the development of cryptoasset legislation in the United States.
