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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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 New York State Department of Financial Services issued guidance on sound custody and disclosure practices for crypto assets in order to protect customers in the event of a bank insolvency.
SIFMA and the American Bankers Association updated their analysis of an SEC Staff Accounting Bulletin, which sets out the required accounting treatment for the holding of crypto-assets by a custodian.
SIFMA and the American Bankers Association urged the SEC to delay the effective date of a Staff Accounting Bulletin which would require firms providing custody for crypto-assets to bring those assets onto their balances sheets.