Political Quotes

“Mr. Speaker, I thank Chairman McHenry and the gentleman from Nebraska (Mr. Flood) for this excellent work in this Congressional Review Act resolution to roll back the SEC's failure in their Staff Accounting Bulletin 121. It would reshape the business of custody in this country. This is not just about crypto. This is a sweeping rule that the SEC has implemented without following the Administrative Procedures Act. The GAO says it is a rule. Well, if it is a rule, it needs to go through the Administrative Procedures Act and have a comment period and get people involved because, as Ranking Member Waters noted, they did not consult with the banking regulators, who have the primary role of supervising custody in this country. A custodian is someone who holds your assets for you, whether it is shares of a stock or acres of forest land or a rental house or 10 bitcoin. Holding reserves against the assets in custody is not standard financial services practice. This staff accounting bulletin is misguided. It requires that money be set aside for that category of assets of digital assets in custody. It is part of a broader attack by the Biden administration to treat digital assets differently from all other assets. That doesn't make any sense to House Republicans. Under Mr. McHenry's leadership and Mr. Thompson's leadership of the Ag Committee, we have a fit-for-purpose approach that, in fact, directs the SEC and the CFTC how to handle digital assets.…”