Mike Flood: “I thank the chairman for his leadership on this issue. Mr. Speaker, I feel like we should start with a definition of…”

“I thank the chairman for his leadership on this issue. Mr. Speaker, I feel like we should start with a definition of ``custody.'' It is that basic, Mr. Speaker. Banks hold others' assets in custody, and they don't put them on their balance sheet. This is an example of Mr. Gensler at the SEC using a staff accounting bulletin to keep banks out of digital asset custody. The first time this resolution went through Congress, it received, as the chairman said, bipartisan support from both the House and the Senate, including Majority Leader Schumer. Think about that, Mr. Speaker: Majority Leader Schumer broke with his own party and with his own party's President on this issue. The reason for that support, and it is really simple, the SEC got its hand caught in the cookie jar. They overstepped in a blatant way that runs contrary to its obligation to protect investors. What is the SEC doing in banking policy? Somebody, ask the Federal Reserve. Ask the OCC. Ask the Treasury Department. Do they think this is right? Look at the testimony in front of the Financial Services Committee. SAB 121 is not a political issue. It is simply a bad regulation. No matter what your feelings are about cryptocurrency, the SEC shouldn't be writing bank custody rules, and they definitely shouldn't be overstepping their authority to do it. Moreover, now on this floor today we hear from the ranking member that there is some private deal with a couple of banks.…”