Gary Gensler, whom Donald Trump said, ‘I’m going to fire him,’ and according to some allegations, the Democrats want to make the Treasury Secretary, is waiting for difficult days again. Gensler will answer the questions of the deputies at the meeting of the Financial Services Committee, which is affiliated with the Congress today evening. Tomorrow, the SEC chairman will answer questions at the Senate Banking Committee, which is also affiliated with Congress.

The first of these meetings, the one to be held this evening, will be held in the Financial Services Committee, which will be dominated by Republicans. At the meeting months ago, Republican Patrick McHenry, the chairman of the committee, scolded Gensler.

42 ‘Repeal’ letters from members of Congress…

Just 1 day before this meeting, 42 Republican Congressmen wrote a letter to Gensler to abolish the set of rules for the storage of cryptocurrencies called SAB 121.

This letter, signed by 42 Republican members of Congress, including Patrick McHenry and crypto supporter Cynthia Lummis, states that SAB 121 has almost upset the retention rules and weakened consumer protection. SAB 121 also bypasses the ‘Notice’ and public comment processes.

As it is known, in the US, rules introduced by institutions such as the SEC are published in the official gazette of the US (Notice) and then feedback (comments) are received from the industry on these rules. The rules are reshaped according to this feedback.

Biden had vetoed

As it will be remembered, both the House of Representatives and the Senate had adopted a law on the abolition of SAB 121. The law, which received the approval of both Democratic and Republican members, was returned from Biden. Joe Biden vetoed the law on the abolition of SAB 121. Biden had even publicly announced in advance that he would veto the law.

Exemption is also coming

On the other hand, some reliable banks and institutions are also granted the right to be exempt from the rules imposed by SAB 121. Finally, BNY Mellon, one of the largest and oldest banks in the US, was granted an exemption from SAB 121 with crypto custody permission.

It is expected that this exemption will be granted to other banks and regulated institutions…