Washington, DC — Today, Congressman Andy Barr (KY-06), Chair of the Subcommittee on Financial Institutions and Monetary Policy, released the following statement on the Government Accountability Office’s (GAO) decision on Staff Accounting Bulletin 121 (SAB 121).
“Today’s Government Accountability Office decision on Staff Accounting Bulletin No. 121 is a positive step in reining in the unaccountable Securities and Exchange Commission (SEC). By failing to engage in the APA process, the SEC published SAB 121 with a blatant lack of public comment and engagement from the prudential regulators. This regulatory overreach has deterred financial institutions from providing digital asset custody services, putting them at a competitive disadvantage to their peers. It is not the job of the SEC to pick winners and losers in our capital markets, yet it is their job to follow the administrative procedures Congress put in place to ensure proper oversight, and I applaud the GAO’s recognition of this."