SE Wyoming News

U.S. Senator Cynthia Lummis (R-WY) has commended the U.S. Senate for passing her Congressional Review Act (CRA) resolution, which overturns the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121. The resolution aims to safeguard essential custody services for consumers and curtail what she sees as overreach by President Biden's SEC.

"SAB 121 was a disaster from the start. The SEC should never set policy—over banks, no less, an industry they do not regulate—through a staff accounting bulletin," stated Lummis. "This is nothing more than this administration attempting to skirt the law while also eliminating critical consumer protections."

Lummis went on to describe the resolution's passage as a victory for financial innovation and a clear repudiation of how the Biden administration and Chair Gary Gensler have handled crypto assets. She emphasized that this marks the first time both chambers of Congress have passed standalone crypto legislation.

"President Biden needs to take note of the bipartisan support this CRA received in both the House and Senate and sign this into law," she added.

The resolution was approved by the Senate with a vote of 60 – 38.

On November 15, 2023, Senator Lummis, along with Representative Wiley Nickel (D-NC), Representative Mike Flood (R-NE), Senator Kirsten Gillibrand (D-NY), Representatives Patrick McHenry (R-NC), French Hill (R-AR), and Ritchie Torres (D-NY), sent a letter to various prudential regulators. They urged these bodies to clarify that SAB 121 is not enforceable after the Government Accountability Office found it to be a rule under the Congressional Review Act.

On February 1, 2024, Senator Lummis introduced a bipartisan CRA resolution alongside Representatives Nickel and Flood to overturn SEC's SAB 121. The House passed the CRA resolution last week by a vote of 228 – 182.