Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.
," according to the Government Accountability Office , and Congress should have had a chance to review it.
SAB 121 holds that financial firms that hold customers' crypto assets record those assets on their own balance sheets – requiring capital be maintained against them. The industry andhave argued that it jeopardizes the willingness of regulated banks to act as crypto custodians, and it treats crypto holdings differently than other assets.
It’s likely that the bulletin will now be submitted for congressional review, though the details on the mechanics of that aren't yet clear. Once a new federal rule arrives in their hands, lawmakers are granted a window of opportunity to reject it under the Congressional Review Act."Today, the GAO recognized SAB 121 for what it is: regulation under the guise of staff guidance," said Nathan McCauley, CEO and co-founder of Anchorage Digital Bank, in a statement.
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