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House Passes H.J.Res. 109 with Bipartisan Support to Overturn SEC’s SAB 121
Today, the U.S. House of Representatives passed Representative Mike Flood’s (NE-01) bipartisan H.J.Res. 109, “Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to ‘Staff Accounting Bulletin No. 121.’” H.J.Res. 109 overturns the SEC’s SAB 121 under the Congressional Review Act (CRA). By overturning SAB 121, the bipartisan resolution ensures consumers are protected by removing roadblocks that prevent highly regulated financial institutions and firms from acting as custodians of digital assets. ... (full story)