US Congress members urge financial authorities to invalidate SEC’s SAB 121 By Cointelegraph
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Several members of the United States Congress have submitted a memo urging key financial authorities, including the chair of the board of the Federal Deposit Insurance Commission and the acting comptroller of the currency, to provide guidance or take action clarifying that the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin 121 (SAB 121) is not enforceable following a recent Government Accountability Office (GAO) finding.
In the memo, the Congress members stated that SAB 121 should have no legal effect and that the federal banking agencies and National Credit Union Administration should not require banks, credit unions and other financial institutions providing custody services for digital assets to comply.
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Several members of the United States Congress have submitted a memo urging key financial authorities, including the chair of the board of the Federal Deposit Insurance Commission and the acting comptroller of the currency, to provide guidance or take action clarifying that the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin 121 (SAB 121) is not enforceable following a recent Government Accountability Office (GAO) finding.
In the memo, the Congress members stated that SAB 121 should have no legal effect and that the federal banking agencies and National Credit Union Administration should not require banks, credit unions and other financial institutions providing custody services for digital assets to comply.
Continue Reading on Cointelegraph
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