EddieJayonCrypto
2 Feb 24
Members of Congress have introduced resolutions in both the Senate and House of Representatives to disapprove of a controversial U.S. Securities and Exchange Commission accounting rule that requires companies to hold customer's cryptocurrencies on their balance sheet. The SEC issued the rule without...
Members of Congress have introduced resolutions in both the Senate and House of Representatives to disapprove of a controversial U.S. Securities and Exchange Commission accounting rule that requires companies to hold customer's cryptocurrencies on their balance sheet. Crypto lobbying groups support the effort to repeal the SEC's work, stating that the stringent requirement has deterred institutions from offering digital asset custody options.
Sen. Cynthia Lummis (R-Wyo.) and Reps. Wiley Nickel (D-N.C.) and Mike Flood (R-Neb.) introduced matching resolutions in the Senate and House of Representatives to formally disapprove of the accounting rule, which was issued without going through the notice-and-comment process. The rule, known as SAB 121, raises concerns about overreach by the SEC and its effects on financial institutions' treatment of custodial assets. Crypto lobbying groups praised the efforts of Congress to repeal the SEC's work, citing the detrimental impact of the stringent requirement.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.