Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today in opposition to H.J. Res. 109, which if passed would undermine the Securities and Exchange Commission's ability to protect people who buy cryptocurrency. Today, Republicans want to override President Biden's veto and block the SEC from setting accounting standards for companies that hold digital assets, like crypto, on behalf of their customers. This resolution is part of a long list of efforts by industry and its allies to attack the good work of the SEC, which has made significant progress in protecting investors; maintaining fair, orderly, and efficient markets; and facilitating capital formation. Preserving the power of the SEC to protect investors and our markets is now more important than ever, especially in light of the recent Supreme Court ruling in Loper v. Raimondo, which, by overturning Chevron deference, has now undermined the authority of the SEC and other Federal agencies. The SEC staff accounting bulletin, SAB 121, is an informal guidance intended to clarify confusion raised by market participants. One prong of SAB 121 that would be repealed by today's resolution is about giving the public disclosures to increase transparency about these cryptoassets. This kind of transparency helps prevent the kind of fraud and mishandling of crypto that led to the collapse of companies like FTX and a dozen other crypto firms that were handling and safeguarding customers' assets.…”