🎉Good news! The U.S. SEC has opened a new path for banks and brokerages to not report customer cryptocurrencies on their balance sheets. However, these companies must offset the risks posed by these assets to bypass controversial cryptocurrency accounting guidance. 📊
🔍Starting in 2023, several large banks have received permission from the SEC to bypass balance sheet reporting to ensure that their customers' assets are protected in the event of bankruptcy or closure. 💼
👍The SEC's accounting stance may expand the range of companies that U.S. cryptocurrency holders can choose to accommodate their growing portfolios. 🚀
🚧However, a majority of members of the U.S. House of Representatives previously voted against President Biden's support for the Securities and Exchange Commission's (SAB 121) crypto accounting policy, but fell short of the two-thirds vote required to overturn the veto. SAB 121 requires banks to include customer crypto assets on their own balance sheets and increase bank capital requirements. 🏦
🔔While the SEC is negotiating with the banking industry to revise the policy, Republicans are still pushing for revocation. The Blockchain Association believes that SAB 121 is a tool for the SEC to suppress digital assets. 🔨
📢Industry leaders met with lawmakers and White House representatives, calling on the Biden administration to adjust its position. 🏛️
Let's look forward to more cryptocurrency news together! 🥳