More than 40 Republican lawmakers have called on the SEC to repeal the controversial crypto bill SAB-121. According to BlockBeats, Patrick McHenry, Chairman of the U.S. House Financial Services Committee, Senator Cynthia Lummis, and their colleagues wrote to SEC Chairman Gary Gensler on September 23. They argue that SAB-121 undermines cryptocurrency custody rules, diminishes consumer protection, and hampers financial innovation.

The lawmakers criticized the proposed rule, which would require SEC reporting entities that hold cryptocurrencies to classify those assets as liabilities on their balance sheets. They contended that this rule was issued without input from “prudential regulators” and deviates from established accounting principles.

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