Political Quotes

“Mr. Speaker, I rise in strong opposition to H.J. Res. 109. This misguided resolution would eliminate the Securities and Exchange Commission's Staff Accounting Bulletin 121. This nonbinding, interpretive guidance advises companies that are holding crypto assets in custody for customers to record those assets as liabilities on their balance sheets. It also recommends that companies disclose the nature and the amount of their crypto-asset holdings. Simply put, it advises caution and transparency regarding crypto because it is so volatile. The disapproval of SAB 121 would have severe consequences in the U.S. financial services industry and be especially dangerous for banks, depositors, investors, and consumers. As underscored in the bulletin, the safeguarding of crypto assets presents unique technological, regulatory, and legal risks that could significantly impact a company's financial condition and its operations. For this same reason, the bulletin seeks to ensure that investors are informed about these risks in making investment and other capital allocation decisions. The failure of Silicon Valley Bank, Signature Bank, First Republic Bank, and others have shown us that nervous depositors can cause a run on bank assets when crypto assets become unstable. They can also move money in the blink of an eye, which makes these banks less stable and subject to failure.…”