"Despite widespread opposition, SAB 121 has functioned effectively as a statute, even though it has never gone through the normal Administrative Procedure Act process," the House of Representatives will tell Representative Mike Flood this week. "I look forward to working with the next SEC chairperson to remove SAB 121," Flood said. "Whether Chairperson Gary Gensler leaves on his own or President Trump follows through on his promise [to fire Gensler], the new administration has an excellent opportunity to start a new era after Gensler leaves office." It added: "It should come as no surprise that Gensler opposed the passage of the House's digital asset regulatory framework on a bipartisan basis earlier this year. 71 Democrats joined House Republicans in passing this commonsense framework. Although the Democratic-led Senate refused to accept it, it represents a breakthrough moment for cryptocurrencies and could inform the work of a unified Republican administration when the next Congress begins in January."