Washington, D.C. (Oct. 31, 2023) – The following statement is attributed to Blockchain Association Senior Counsel Marisa Coppel:
“Today, the Government Accountability Office determined that Staff Accounting Bulletin 121 is a rule under the Congressional Review Act, which largely adopts the definition of a rule under the Administrative Procedure Act. The Securities and Exchange Commission should have submitted the Bulletin to Congress prior to it going into effect. The SEC should not have deprived the public of their opportunity to be heard pursuant to the APA’s notice and comment procedures.
“Not only did the SEC publish SAB 121 in contravention of both the CRA and APA, depriving stakeholders of their opportunity to be heard, SAB 121 is also illogical and only serves to unfairly harm market participants.
“We strongly encourage the SEC to rescind this harmful rule immediately.”