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.
At a hearing before the Senate Committee on Banking, Housing and Urban Affairs, Treasury Secretary Janet L. Yellen testified on the Financial Stability Oversight Council's 2021 Annual Report to Congress.
Treasury announced that, after the necessary consultation with the FDIC and the SEC, it is providing a retail broker-dealer with a conditional exemption from certain Dodd-Frank recordkeeping requirements for certain of its qualified financial contracts.
In its 2021 Annual Report, the Financial Stability Oversight Council assessed the state of the financial system and provided recommendations concerning climate-related financial risk, digital asset risk, the orderly transition away from LIBOR, and cybersecurity.