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.