US lawmaker: SEC should repeal crypto accounting policy before Senate vote

US legislator Wiley Nickel wrote a letter to Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), on May 15th, stating that the SEC should repeal the cryptocurrency accounting policy (SAB 121) before the Senate vote. Protecting investors is the mission of the US Securities and Exchange Commission, but SAB 121 does the opposite by preventing heavily regulated US banks from mass custody of digital assets. In addition, Wiley Nickel criticized the SEC for bypassing the rule-making process when issuing SAB 121, believing that the purpose of the cryptocurrency accounting policy is to clarify existing policies, not to create new ones.

Previously, the White House issued a "Government Policy Statement" on May 8th, stating that limiting the SEC's ability to maintain a comprehensive and effective financial regulatory framework for cryptocurrencies would bring serious financial instability and market uncertainty.