"Lawmakers in the US Congress ask the tax administration to repeal the SEC's SAB 121"

The lawmakers said in the memo that federal banks should not require financial institutions that provide custody services for digital assets to hold capital on them. US Congressional Lawmakers Call on Tax Administration to Repeal SECNOTICIAS SAB 121 Several members of the US Congress are taking steps and guidance to direct key financial authorities, including the Chairman of the Federal Tax Board Deposit Insurance and the current Comptroller of the Currency to clarify the safety of U.S. securities and U.S. securities.

I have submitted a memorandum requesting for this. Due to a recent decision by the Government Accountability Office (GAO), the Securities and Exchange Commission's (SEC) Statement of Accountability 121 (SAB 121) is no longer applicable. In the memo, lawmakers said SAB 121 has no legal effect and requires federal banking authorities and the National Credit Union Administration to force banks, credit unions and other financial institutions they serve to comply with escrow. of digital assets. You shouldn't ask for it.

SAB 121 stipulates that crypto assets of bank customers must be listed on the bank's balance sheet, reflecting the value of the assets and requiring capital to be held against them. Industry representatives and several US lawmakers say this threatens the willingness of regulated banks to act as custodians of crypto assets and treats digital currency holdings differently from other assets. Based on the senators' letter, the GAO determined that the SEC's SAB 121 should be subject to congressional review. Cynthia Lummis will become Comptroller General of the United States in August 2022. The evaluation focused on whether the bulletin was enforceable as a rule under the Congressional Review Act. Under the law, agency rules must be reported to the Comptroller General and both houses of Congress, and there is a mechanism for Congress to veto them.

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