Senator Lummis sends letter to Biden urging no veto for SAB 121 repeal
The Senator pointed to the troubling manner in which the Securities and Exchange Commission issued its controversial staff accounting bulletin.
Republican Senator Cynthia Lummis has sent a letter to President Joe Biden imploring him not to veto the recent Congressional repeal of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin-121 (SAB-121).
The pro-crypto senator pointed to the contentious nature of SAB-121 and the SEC’s issuance of the guidance, which she characterized as improper. She also noted the dubious nature under which the regulator revealed the guidance.
“By inappropriately issuing guidance instead of engaging in notice and comment rulemaking, the SEC’s rulemaking was able to avoid a vote by the full commission on a contentious policy,” the lawmaker wrote.
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Author: Vince Quill
