U.S. lawmakers from both parties send letter urging regulators not to implement SEC’s crypto accounting announcement
According to Jinse Finance, Patrick McHenry (Republican from North Carolina), Chairman of the House Financial Services Committee, and Senator Cynthia Lummis (Republican from Wyoming), along with colleagues from both parties, jointly wrote to the regulatory agencies of the Currency Supervision Bureau (OCC), the Federal Reserve (Fed), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), urging these regulatory agencies not to implement the SEC's crypto accounting bulletin (SAB 121).
The letter stated that the release of SAB 121 was not consulted with any of your respective institutions, and requested that custodians confirm liabilities and corresponding offset amounts on their balance sheets and measure the fair value of customer custodial digital assets. This accounting method deviates from established accounting standards, cannot accurately reflect the custodian's basic legal and economic obligations, and exposes consumers to greater risk of loss.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Florida teens arrested in connection with a kidnapping and theft of $4M in crypto
Share link:In this post: Three Florida teens have been accused of kidnapping a man at gunpoint and forcing him to transfer $4 million worth of digital assets to them. The teens kidnapped the victim from Las Vegas and threatened to kill him and his father if he didn’t cooperate. Law enforcement agencies across the globe are now warning individuals with substantial crypto holdings to be cautious amid a rise in kidnappings.
UK icons slam AI ‘theft’ in fiery plea to Starmer before key vote
Share link:In this post: Over 400 UK artists urged PM, Keir Starmer, to strengthen copyright laws ahead of an AI legislation vote. UK government’s proposed “opt-out” rule for AI training on copyrighted content faces strong backlash. Hayao Miyazaki and others condemn AI-generated art, fueling copyright debates and legal challenges.
Americans have wiped out $3 trillion in savings in the past 3 years, mostly from stimulus checks
Share link:In this post: Americans have drained $3 trillion in savings since 2021, with excess savings now at negative $900 billion. The US savings rate dropped to 3.9% in March, below pre-pandemic levels of 5-6%. Consumer spending rose 0.7% in March, but GDP still shrank by 0.3% due to soaring imports.
Banking the unbanked, but this time for real?
Trending news
MoreCrypto prices
More
