In a May 15 letter to Gary Gensler, Chairperson of the Securities Exchange Commission (SEC), U.S. lawmaker Wiley Nickel said the SEC should repeal the crypto accounting policy (SAB 121) before a Senate vote. Protecting investors is the mandate of the Securities Exchange Commission, but SAB 121 is the opposite, preventing heavily regulated U.S. banks from holding large-scale custody of digital assets. In addition, Wiley Nickel criticized the SEC for bypassing the rulemaking process in issuing SAB 121, arguing that the purpose of the crypto accounting policy is to clarify existing policies, not to create new ones.
The White House released a "government policy statement" on May 8, saying that limiting the SEC's ability to maintain a comprehensive and effective financial regulatory framework for cryptoassets would create serious financial instability and market uncertainty.
US Lawmakers: SEC Should Repeal Crypto Accounting Policy Before Senate Vote
2024-05-16 06:35:29
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