SEC Crypto Custody Accounting Bill Nearing Biden's Desk
CryptoNewsTerminal Staff16 May, 2024
SEC Crypto Custody Accounting Bill Nearing Biden's Desk
SEC crypto accounting guidance nullification bill set to land on Biden's desk within 10 days The Senate just passed a bill that would nullify the SEC's accounting guidance (SAB 121) on crypto custody by US-regulated financial firms. President Biden now has 10 days to either veto the bill, sign it into law or do nothing -- in which case it becomes law without his signature. The Biden administration has signaled it will veto the bill, but it will be interesting to see if that changes given former President Donald Trump's pro-crypto moves this past week. The bill's passage is a victory for the crypto industry, which has long argued that SAB 121 is overly burdensome and stifles innovation. The bill would allow crypto firms to use their own accounting methods for crypto assets, which they argue would provide greater flexibility and clarity. It remains to be seen whether Biden will sign the bill into law. However, the bill's passage by the Senate is a sign of the growing political support for the crypto industry.
