House Financial Services Committee Chairman Patrick McHenry and other subcommittee chairs sent letters on Monday to key regulators demanding interagency communications regarding the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121. They addressed concerns over the bulletin’s potential to disrupt ongoing regulatory efforts related to digital asset custody services.
The letters, directed to the heads of the Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and Securities and Exchange Commission (SEC), seek to clarify whether SAB 121 undermined collaborative efforts among regulators. SAB 121 introduces new requirements for digital asset custody, which, according to the lawmakers, may impede financial innovation and reduce consumer protections. The lawmakers stated:
We write to you as part of our ongoing efforts to examine and understand the Securities and Exchange Commission’s engagement with prudential regulators as it relates to financial institutions’ ability to safeguard digital assets.
The lawmakers argued that the bulletin imposes impractical demands on financial institutions and expressed concern over a lack of interagency communication, which could destabilize the financial system.
According to the House Committee on Financial Services, documents from the Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency reveal that these agencies were collaborating on an interagency statement and request for information (RFI) regarding crypto asset custody.
However, the SEC’s release of SAB 121 reportedly disrupted these efforts. The lawmakers further state that “emails between agencies’ employees suggest that the document contained ‘various ambiguities.’” They are now requesting additional information to evaluate the SEC’s rationale for issuing SAB 121 during ongoing interagency workstreams. The lawmakers stressed:
It is imperative to ensure that no agency undermines another through rushed actions, which risks introducing uncertainty and instability into our financial system.
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