CandleFocus Republicans urge SEC to drop SAB 121 crypto accounting rule
2024-09-23
Author: Content Editor
Republican lawmakers led by Rep. Patrick McHenry and Sen. Cynthia Lummis have sent a letter to the SEC urging the regulatory agency to rescind its special accounting rule for crypto assets, SAB 121. This rule requires entities that safeguard digital assets to recognize them as liabilities on their balance sheets, which has caused industry backlash and concerns over regulatory overreach. The lawmakers argue that SAB 121 disrupts standard practices and increases costs for custody providers. This push against the SEC's crypto rule highlights ongoing tensions over regulatory approaches and could impact future crypto policies.
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