TechFlow news, according to CoinDesk, members of the U.S. Congress are attempting to overturn a controversial accounting bulletin from the Securities and Exchange Commission (SEC) that imposes restrictions on companies wishing to hold customer crypto assets.
Senator Cynthia Lummis (R-Wyo.) and 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 declaring it legally invalid. The SEC's 2022 Staff Accounting Bulletin No. 121 (SAB 121) requires companies holding customers' cryptocurrencies to record them on their own balance sheets, which could force banks wanting to hold crypto to maintain what they view as burdensome capital levels to offset risks.
