House Financial Services Committee Chair Patrick McHenry (R-NC) and a bipartisan group of legislators asked banking regulators to clarify "through guidance and other actions" that an SEC Staff Accounting Bulletin, which describes how a custodian must account for digital assets, is not enforceable.
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House Financial Services Committee members Mike Flood (R-NE), Ritchie Torres (D-NY), French Hill (R-AR) and Wiley Nickel (D-NC) introduced the Uniform Treatment of Custodial Assets Act. The proposed legislation would prohibit financial institutions from including crypto assets held in their custody as a liability on their balance sheet.
House Financial Services Committee Chair Patrick McHenry and Capital Markets Subcommittee Chair Ann Wagner expressed opposition to a PCAOB proposal to require auditors, as part of their assignments, to identify material legal and regulatory compliance risks in the clients’ businesses.
In a letter to the Federal Reserve, the FDIC, the OCC and the NCUA, Senator Cynthia M. Lummis (R-WY) and Representative Patrick McHenry (R-NC) criticized SEC guidance on the accounting treatment of cryptocurrency assets by custodians.
The U.S. House Committee on Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets considered oversight and disclosure legislation concerning China-based corporate issuers.