Political Quotes

“Mr. President, on March 31, 2022, the Securities and Exchange Commission--SEC--issued Staff Accounting Bulletin 121--SAB 121--which purported to address the accounting treatment of crypto assets. The bulletin was not issued as a rule under the Administrative Procedure Act--APA--and was not submitted to Congress as required by the Congressional Review Act. On August 2, 2022, I sent a letter to the Comptroller General requesting a GAO legal decision regarding the applicability of the Congressional Review Act to SAB 121. On October 31, 2023, GAO issued a legal decision finding that SAB 121 was a rule under both the Administrative Procedure Act and the Congressional Review Act and that no exception applied. Mr. President, I ask unanimous consent that the GAO legal decision regarding SAB 121 be printed in the Congressional Record. There being no objection, the material was ordered to be printed in the Record, as follows: Decision Matter of: Securities and Exchange Commission--Applicability of the Congressional Review Act to Staff Accounting Bulletin No. 121. File: B-334540. Date: October 31, 2023. DIGEST On March 31, 2022, the United States Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin No. 121 (Bulletin). The Bulletin provides interpretive guidance regarding how covered entities should account for and disclose their custodial obligations to safeguard crypto- assets held for their platform users.…”