Andy Barr: “I thank the gentleman for yielding. In conclusion, Mr. Speaker, I include in the Record a letter dated March 2, 2023…”

“I thank the gentleman for yielding. In conclusion, Mr. Speaker, I include in the Record a letter dated March 2, 2023, cosigned by Chairman McHenry and Senator Lummis sent to the Fed, OCC, FDIC, and NCUA asking them about SAB 121's impact on regulated entities, and also asking if they were consulted prior to SAB 121's issuance. Congress of the United States, Washington, DC, March 2, 2023. Re Prudential Impact of Staff Accounting Bulletin 121. Hon. Michael Barr, Vice Chair for Supervision, Board of Governors of the Federal Reserve System, Washington, DC. Mr. Michael Hsu, Acting Comptroller, Office of the Comptroller of the Currency, Washington, DC. Hon. Marty Gruenberg, Chairman of the Board, Federal Deposit Insurance Corporation, Washington, DC. Hon. Todd Harper, Chairman of the Board, National Credit Union Administration, Alexandria, VA. Dear Vice Chair Barr, Chairman Gruenberg, Chairman Harper, and Mr. Hsu: We write regarding Securities and Exchange Commission (SEC) Staff Accounting Bulletin 121 (``SAB 121'') published on April 11, 2022. SAB 121 was intended to clarify the accounting treatment of digital assets safeguarded by custodians, exchanges, and other platforms engaged in digital asset activities. However, SAB 121 places customer assets at greater risk of loss if a custodian becomes insolvent or enters receivership, violating the SEC's fundamental mission to protect customers.…”