In a bipartisan move, the House Financial Services Committee has taken steps to repeal the SEC’s controversial digital assets accounting bulletin, SAB 121.

House Financial Services Committee discusses SAB 121 — SourceSAB 121: An Overview

The House Financial Services Committee recently made strides in the ongoing debate surrounding the regulation of digital asset custodianship. Lawmakers referenced a Government Accountability Office report from October 2023, stating SAB 121 should have been officially issued.

This action stems from the Securities and Exchange Commission’s (SEC) issuance of Staff Accounting Bulletin (SAB) 121, a directive that mandates digital asset custodians to report…

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