On May 18, U.S. Senator Elizabeth Warren described support for SEC Employee Accounting Bulletin (SAB) 121 at a recent Senate hearing. Warren said the standard applies to companies dealing with cryptocurrency and is designed to provide accounting guidance.
She argued that SAB 121 "simply clarifies" how companies should consider the risks associated with crypto, including hacking, theft and the loss of cryptocurrency when the protection company goes bankrupt, and show them in their disclosures.
Warren added that the standard does not require crypto platforms to add customers' cryptocurrencies to their balance sheets - a statement at odds with House Financial Services Committee Chairperson Patrick McHenry, who previously said the bill "requires Financial Institution Groups and companies that protect customers' digital assets to keep those assets on their balance sheets. Additionally, the standard does not make platforms owners of their customers' cryptocurrencies. (CryptoSlate)
Yesterday, it was reported that the US Senate voted 60-38 to pass a resolution to overturn SEC SAB 121, but the resolution may be rejected once it reaches President Biden's desk.
US Senator Warren supports SEC's controversial cryptoasset accounting standard SAB 121
2024-05-18 07:39:12
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