U.S. Lawmakers Seek to Overturn SEC's Crypto Accounting Policy
Summary
Members of Congress introduced resolutions to disapprove the SEC's accounting bulletin No.121, which imposes restrictions on companies holding customer crypto assets. The move aims to repeal the SEC's work, citing lack of legal force and failure to go through the required processes. The SEC has not yet responded to the opposition. Crypto lobbying groups support the effort, arguing that the bulletin's requirements deter institutions from offering digital asset custody options.
