Lummis criticized the SEC’s “overreaching” crackdown on crypto, singling out Staff Accounting Bulletin 121 issued in March 2022. She believes she can gather Senate and House support in the coming weeks to prevent the guidance from becoming binding policy.
The Wyoming Republican argued the rule could harm consumers by putting custodians’ customer assets directly on their balance sheets. She said bipartisan legislation she’s co-sponsoring could bring more regulatory clarity to crypto in 2024.
Pieces of her broader bill may get incorporated into other packages sooner. The senator supports crypto legislation from the House Financial Services Committee and wants to resolve minor differences over the stablecoin policy.
Lummis stated clear crypto rules are urgently needed. Her opposition to the SEC’s recent bulletin exemplifies pushback against aggressive oversight some view as innovation-stifling. The looming policy fight highlights tensions around balancing crypto growth and consumer protection.
