“The SEC issued SAB 121 without conferring with prudential regulators despite the accounting standardโs effects on financial institutionsโ treatment of custodial assets, and the SEC issued SAB 121 without going through the notice-and-comment process,” said Rep. Flood, in a statement. “In the face of overreach by a regulator, it is the role of Congress to serve as a check.”
U.S. Lawmakers Seek to Overturn SEC’s Crypto Accounting Policy ‘SAB 121’
