<ul><li>John E. Deaton criticizes the SEC&#39;s &#34;inept and corrupt&#34; behavior in response to Jake Chervinsky&#39;s tweet about the GAO report on SAB 121.</li><li>Jake Chervinsky highlights the &#34;extraordinary damage&#34; caused by SAB 121, setting the stage for Deaton&#39;s strong criticism.</li><li>The GAO report confirms that SAB 121 must undergo Congressional review, adding fuel to Deaton and Chervinsky&#39;s arguments.</li></ul>The U.S. Government Accountability Office (GAO) recently <a href="https://www.gao.gov/products/b-334540?utm_medium&#61;social&amp;utm_source&#61;twitter&amp;utm_campaign&#61;usgao" rel="noopener noreferrer nofollow">issued a report</a> that has stirred significant debate within the crypto community. The report specifically scrutinized the Securities and Exchange Commission&#39;s (SEC) Staff Accounting Bulletin No. 121 (SAB 121), stating that it must undergo Congressional review before taking effect. This development comes at a pivotal time, coinciding with pending court dates in the SEC&#39;s lawsuits against Ripple and Coinbase.Jake Chervinsky, Chief Policy Officer at the Blockchain Association, was among the first to comment on the GAO&#39;s findings. He stated that the GAO&#39;s analysis makes a &#34;slam dunk&#34; out of a lawsuit against the SEC for violating the Administrative Procedures Act&#39;s (APA) notice-and-comment requirement. Chervinsky also pointed out that SAB 121 has done &#34;extraordinary damage to the crypto industry&#34; by requiring crypto custodians to double-count digital asset liabilities on their balance sheets.Read full article at <a href="https://cryptotale.org/bitcoin-futures-open-interest-skyrockets-cme-targets-binances-reign2/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Deaton Echoes Chervinsky in Questioning SEC's Integrity, Calls it "Inept and Corrupt"

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