The Digital Chamber is pleased to see H. Res 109, a Joint Resolution to Disapprove of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121 has successfully passed the House with a vote of 228-182 and is now advancing to the Senate. While we are discouraged by President Biden’s Statement of Administration Policy indicating an inevitable veto of the bipartisan effort to nullify SAB 121, the strong support for the resolution demonstrates a call for reconsideration and underscores that independent agencies should not be rewarded by bypassing transparent measures required by the Administrative Procedure Act.

The Digital Chamber’s Founder and CEO, Perianne Boring said following the passage “We are proud to see H.Res 109 passage with bipartisan support. This is not a crypto issue, but an issue about consumer protection and process. SAB 121 also sets a dangerous precedent of providing unchecked power to independent regulators. The Digital Chamber remains committed to facilitating a regulatory environment that supports innovation while protecting consumers and passage of the Resolution is a step in the right direction.”

We thank Congressmen Mike Flood (R-NE) and Wiley Nickel (D-NC) for their leadership in introducing this resolution to safeguard consumer protections and ensure the SEC adheres to its rulemaking authority. We remain committed to supporting this nullification effort through the U.S. Senate.

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