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The Week In Crypto Policy: House Passes SAB 121 Repeal
Key Takeaways
- The House passed a resolution to repeal SAB 121, but the White House said it would veto the bill if it passes the Senate.
- Rep. Sean Casten (D-IL) introduced a bill that would stop financial institutions from transacting with funds that have gone through a mixer for two years, while Treasury would study mixers and other privacy-enhancing tech before reporting to Congress with policy recommendations.
- At a House Financial Services subcommittee hearing, Democrats supported the SEC's enforcement campaign against crypto, while Republicans focused more generally on capital markets, due process, and innovation.
- Former President Trump sought to contrast his crypto position from the Biden Administration's, telling an audience at Mar-a-Lago that he is "good with [crypto]," he wants to keep innovation in the U.S., and "if you're in favor of crypto, you better vote for Trump."
House Passes SAB 121 Repeal
On Wednesday, the House passed H.J. Res. 109, a resolution to overturn the SEC's Staff Accounting Bulletin 121 ("SAB 121") by a 228-182 vote.
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.