CQ-Roll Call, Inc; Bloomberg via Getty ImagesWASHINGTON —
In a letter sent to the SEC on Thursday, House Financial Services Committee Chair Patrick McHenry, R-N.C., and Sen. Cynthia Lummis, R-Wyo., who are each working on legislation to regulate the cryptocurrency industry, said they have “concerns” regarding a Staff Accounting Bulletin, known as SAB 121. At issue is how crypto platforms calculate risk. Crypto platforms tend not to include customers’ crypto assets when calculating how much risk their business faces. SAB 121 effectively tells them that they should include those customer assets in their risk analysis.
The letter comes as the SEC and lawmakers continue to wrestle with how to effectively regulate cryptocurrencies and other digital assets, a subject that has been made more urgent by the high-profile collapse of many major crypto platforms, including
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