U.S. lawmakers argue SEC accounting policy undermines safe crypto custody

Two Republican lawmakers are questioning policies governing how financial firms handle crypto accounting in the country.

Two Republican lawmakers who have been central to the United States Congress’ continuing efforts to regulate cryptocurrency are questioning policies governing how financial firms handle crypto accounting in the country. to several banking agencies asking how they’re dealing with a controversial Securities and Exchange Commission note asking financial institutions to keep customers’ crypto holdings on their own balance sheets.Staff Accounting Bulletin 121Since it would force regulated banks to reject crypto custody as something that comes with significant capital requirements, the measure could deny millions of Americans access to safe and secure custodial arrangements for digital assets.

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