U.S. Lawmakers Seek to Overturn SEC’s Cryptocurrency Accounting Rules
CoinDesk reported that US lawmakers are attempting to repeal a controversial accounting notice by the US Securities and Exchange Commission (SEC) that places restrictions on companies wishing to hold their clients' cryptocurrency assets. Senators Cynthia Lummis (R-Wyo.) and Representatives Wiley Nickel (D-N.C.) and Mike Flood (R-Neb.) introduced matching resolutions in the Senate and the House on Thursday, formally opposing this accounting rule and determining that it has no legal effect.
SEC's 2022 staff accounting bulletin 121 (SAB 121) requires companies that hold their clients' cryptocurrency to include them in their own balance sheets, which could force banks that wish to hold cryptocurrency to maintain what they see as onerous capital to offset risk.
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