Political Quotes

“Madam Speaker, I yield myself the balance of my time to close. Madam Speaker, I strongly urge my colleagues to vote ``no'' on this effort to override the President's veto of H.J. Res. 109. If passed, Congress would block the SEC from providing much-needed and timely clarity to our markets. We would also be preventing the SEC from ensuring companies that hold crypto on behalf of Americans take the necessary care to ensure those holdings are transparent and accounted for. For all of the handwringing about the lack of regulatory clarity in the crypto space, it is baffling to me how the industry wants to make it harder for the SEC to use one of the primary mechanisms it has to provide clarity around crypto: Staff guidance and accounting bulletins. H.J. Res. 109 is a sledgehammer when what may be needed to address concerns is a scalpel. CRA resolutions, as these are referred to, not only overturn the agency guidance that is the subject of the resolution, but also prevents the SEC from issuing any substantially similar guidance in the future. In essence, even if the SEC wanted to offer clarity around crypto custody in the future, they would no longer be able to do so. If Republicans want to address the issue previously raised by custody banks, Members could have done that, but now my colleagues have put forth a bill that causes broad harm not only to the SEC, but all the people and companies that rely on the agency to maintain safety and stability.…”