05.16.24

Senate Votes To Scrap SEC Crypto Guidance, Setting Up Veto

by: Amanda Iacone, Matthew Bultman and Andrew Ramonas

The U.S. Senate voted to rescind two-year-old guidance from the U.S. Securities and Exchange Commission (SEC) detailing how companies that safeguard their customers’ cryptocurrency holdings should account for those assets. The House had advanced the measure earlier. The White House has said that President Biden will veto it. The guidance describes how agency staff expect companies to assume the liability of safeguarding customers’ digital assets by reporting both the obligation and the corresponding asset. Opponents argue it would limit options for crypto owners who’d like to stow those digital assets at traditional banks. A Government Accountability Office ruling last October opened the accounting advisory to lawmaker scrutiny.

Read the full article on Bloomberg Law