Bloomberg reported that a trade group coalition consisting of the Bank Policy Institute, the American Bankers Association, the Securities Industry and Financial Markets Association, and the Financial Services Forum has sent a letter to the U.S. Securities and Exchange Commission (SEC) seeking modifications to accounting guidance rules related to cryptocurrencies.

The rule requires listed companies, including banks, to list the cryptocurrencies they hold as liabilities on their balance sheets, meaning they must set aside assets of equal value to prevent losses and meet their capital requirements.