Political Quotes

“I thank the chairman for yielding. Mr. Speaker, I support this bipartisan CRA to overturn the SEC's Staff Accounting Bulletin 121. SAB 121 has removed a bank's ability to offer custodial services for digital assets and has prevented banks from exploring the use of distributed ledger technologies. The SEC issued SAB 121 unilaterally, outside the rulemaking process, and without the consultation of the banking regulators. This policy is not for the SEC to decide, and certainly not for the SEC to dictate through a broad interpretation of accounting practices. The cost of and the availability of capital is dependent on the U.S. banking system's ability to adapt to new technologies and to compete in offering innovative products and services. SAB 121 has put up barriers to that essential responsibility. This CRA is an important correction to the SEC's misstep. I thank Congressman Flood and Congressman Nickel for leading this effort.”