According to the Daily Planet, several U.S. industry alliances, including the Bank Policy Institute, the American Bankers Association, the Securities Industry and Financial Markets Association, and the Financial Services Forum, wrote to the U.S. Securities and Exchange Commission (SEC) on Wednesday, calling for adjustments to accounting guidance to avoid increasing the cost of U.S. banks holding digital assets. Current guidelines require that custodial cryptocurrencies be counted as liabilities, resulting in banks being required to set aside an equal amount of assets to meet capital requirements. The alliance recommends excluding certain assets from cryptocurrency protection and exempting regulated lenders from current balance sheet requirements while maintaining disclosure of cryptocurrency activities in financial statements. Gary Gensler, chairman of the U.S. Securities and Exchange Commission, said the crypto industry needs more appropriate disclosures to address the unique risks and uncertainties it brings.