Lawmakers concerned SEC accounting policy endangers crypto customers. Bulletin criticized by regulators and officials.
However, Senator Cynthia Lummis and Representative Patrick McHenry argued on March 2 that these guidelines will “likely” discourage regulated entities from engaging in digital asset custody, which is the opposite effect of what the regulator should be doing.
“SAB 121 places customer assets at greater risk of loss if a custodian becomes insolvent or enters receivership, violating the SEC’s fundamental mission to protect customers.” The lawmakers argue the effect of SAB 121 will be to “deny millions of Americans access to safe and secure custodial arrangements for digital assets.”
"In sum, the effect of SAB 121 is to deny millions of Americans access to safe and secure custodial arrangements for digital assets."
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