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More than 40 United States Republicans have called on the US securities regulator to rescind its “disastrous” Staff Accounting Bulletin No. 121 rule after a repeal bill received bipartisan support before being vetoed. SAB 121 upends custody rules for cryptocurrencies, weakens consumer protections, and stifles financial innovation, House Financial Services Committee Chair Patrick McHenry, Senator Cynthia Lummis and 40 other politicians claimed in a Sept. 23 letter to the Gary Gensler-led Securities and Exchange Commission. The 42 politicians further claimed that SAB 121 — a proposed rule mandat…

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