U.S. Lawmakers Argue SEC Accounting Coverage Undermines Protected Crypto Custody

U.S. Rep. Patrick McHenry (R-N.C.), the chairman of the Space Monetary Services and products Committee, and Sen. Cynthia Lummis (R-Wyo.), who has authored crypto law, despatched a letter to a number of banking companies on Thursday asking how they’re coping with a arguable bulletin from the Securities and Alternate Fee that urged monetary establishments they must take care of consumers’ crypto holdings on their very own stability sheets.