SE Nebraska News

U.S. Congressman Mike Flood has expressed approval following the decision to rescind Staff Accounting Bulletin (SAB) 121, originally issued by former U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler. The bulletin had been a point of contention for several years.

"For four years, SEC Chair Gary Gensler and the Biden administration used regulation by enforcement and regulation by guidance as a tactic to suppress and target digital assets," stated Congressman Flood. He described SAB 121 as an example of "Chairman Gensler’s regulatory overreach" and highlighted his efforts over the past two years to build bipartisan support to overturn it.

Despite successfully passing in both the House and Senate, Congressman Flood's resolution aimed at rescinding SAB 121 was vetoed by President Joe Biden on May 31, 2024. However, the recent decision marks what Congressman Flood describes as "a new day for digital assets."

He added, "Rescinding SAB 121 opens up a new era for cryptocurrency and our digital financial future." Congressman Flood emphasized his commitment to collaborating with President Trump and congressional colleagues to establish a framework for digital assets in the near future.

The original sponsor of H.J. Res. 109 in the 118th Congress, Rep. Flood sought to repeal SAB 121 due to concerns about its impact on banks providing custodial services for digital asset investors. A companion measure was introduced in the Senate by U.S. Senator Cynthia Lummis from Wyoming.

Rep. Flood serves on the House Financial Services Committee, holding positions such as Chairman of the Housing and Insurance Subcommittee and membership in other subcommittees related to financial institutions and economic prosperity.