Posted 2/1/2024, 10:17:00 PM
Lawmakers Seek to Overturn SEC Crypto Accounting Policy
- U.S. lawmakers introduced resolutions to overturn SEC's crypto accounting policy that restricts companies from holding customer crypto assets
- The policy requires companies to hold crypto on their balance sheets, which could force banks to maintain high capital reserves
- The lawmakers say SEC overstepped by issuing policy without conferring with other regulators or going through public notice and comment
- The resolutions were introduced under Congressional Review Act to repeal the accounting bulletin
- Crypto industry groups have praised the effort, saying the policy deters institutions from offering crypto custody