House moves to revoke SEC accounting bulletin for cryptocurrencies.

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TLDR:

Key points:

• House Republicans move to rescind SEC guidance on crypto accounting
• Guidance requires disclosure of customer crypto assets

In a recent development, House Republicans have taken steps to revoke a two-year-old SEC guidance that outlines how companies should account for their customers’ cryptocurrency holdings. The guidance, which mandates the disclosure of customer crypto assets on balance sheets, has been in effect since 2022. Companies like Coinbase and Robinhood have been following these guidelines to inform investors about the size of their crypto portfolios and associated risks.

Lawmakers are divided on the issue, with some arguing that the SEC is overreaching in its regulation of crypto assets.

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