U.S. lawmakers attempt to overturn the SEC's cryptocurrency accounting rules

2024-02-02 20:43:35

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ChainCatcher news, according to CoinDesk, members of the U.S. Congress are attempting to overturn a controversial accounting announcement by the Securities and Exchange Commission (SEC) that imposes restrictions on companies wishing to hold customer crypto assets. Senator Cynthia Lummis (R-Wyo.) along with Representatives Wiley Nickel (D-N.C.) and Mike Flood (R-Neb.) introduced matching resolutions in the Senate and House on Thursday, formally opposing this accounting rule and asserting that it has no legal effect.

It is reported that the SEC's 2022 Staff Accounting Bulletin No. 121 (SAB 121) stipulates that companies holding customer cryptocurrencies should account for them on their own balance sheets, which could force banks wishing to hold cryptocurrencies to maintain what they consider burdensome capital to offset risks.

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