Political Quotes

“Mr. Speaker, I rise in support of the bipartisan resolution I am leading with my colleague across the aisle, Congressman Mike Flood. Mr. Speaker, our Congressional Review Act resolution to disapprove of the SEC's Staff Accounting Bulletin 121 protects consumers, reinforces Congress' role in the rulemaking process, and pushes back on the SEC's hostility toward digital assets. Mr. Speaker, SAB 121 makes the digital assets industry less safe for consumers. It prevents well-regulated banks from safeguarding digital assets that are owned by their clients. SAB 121 requires banks to place custody of digital assets on their balance sheets, contrary to how traditional assets are treated. This makes it nearly impossible for a bank to provide custody of digital assets at scale, leaving investors to rely on riskier, unregulated options. Mr. Speaker, whether you love crypto or you hate it, you should want the most heavily supervised financial institutions who are experts at custodial banking to safeguard digital assets. We are also seeing this issue with SAB 121 play out in real time, the SEC's recent approval of spot bitcoin ETPs, which I pushed for, allows retail investors access to this asset class through a regulated product. However, most bitcoin ETPs are held by the same nonbank custodian. Notably, banks aren't serving as custodians for any of these products as they would with a traditional ETP.…”