U.S. Senator Cynthia Lummis and Congressman Patrick McHenry say a Securities and Exchange Commission accounting directive “places customer assets at greater risk of loss if a custodian becomes insolvent or enters receivership.” In a Thursday letter to federal officials at the FDIC, Federal Reserve, the Office of the Comptroller of the Currency, and National Credit Union Administrator, the lawmakers called out SAB 121—a Staff Accounting Bulletin issued by the SEC last April. (Decrypt)