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U.S. Lawmakers Argue SEC Accounting Policy Undermines Safe Crypto Custody

U.S. Rep. Patrick McHenry (R-N.C.), chairman of the House Financial Services Committee, and Sen. Cynthia Lummis (R-Wyo.), who has authored crypto legislation, yesterday (2 March) sent a letter to several banking agencies asking how they’re dealing with a controversial Securities and Exchange Commission note asking financial institutions to keep customers’ crypto holdings on their own balance sheets.

The letter to the Federal Reserve and other U.S. banking agencies criticized the Staff Accounting Bulletin (SAB) 121, SEC’s move last year.

Since it would force regulated banks to reject crypto custody as something that comes with significant capital requirements, the measure could deny millions of Americans access to safe and secure custodial arrangements for digital assets.

(By Suzuki Shillsalot)

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