The US Government Accountability Office (USGAO) has ruled that the Securities and Exchange Commission (SEC) may have broken the law in issuing Staff Accounting Bulletin 121 (SAB 121), which provided controversial guidance for firms with crypto assets on their balance sheets. The USGAO insists that the SEC's accounting policies for crypto should have been treated as a formal rule and subject to congressional oversight. This ruling increases the chances that the SEC's crypto custody rule could be nullified if submitted to Congress. Trade groups representing hedge funds and private equity firms have also asked a federal appeals court to challenge new fee disclosure rules imposed by the SEC.
Trade groups representing hedge funds and private equity firms have asked a federal appeals court to gut the new fee disclosure rules imposed by the SEC https://t.co/7kX96OSU5n
The Fifth Circuit Court's recent rebuke adds to mounting legal challenges questioning the SEC’s regulatory decisions https://t.co/6kmJj8Oeb8
As tough as the @USGAO finding was on the @SECGov's crypto accounting policy known as SAB 121, it may not budge the regulator's view. @jesseahamilton take a look https://t.co/SFpB0kZZJD
US court tells SEC to fix 'defective' share buyback rule https://t.co/kqAMGg1FMi https://t.co/UVoV54pitc
According to the SEC "the Defendants promised to take the price of the token “Safely to the moon,” but instead ... they wiped out billions in market capitalization." https://t.co/pmtCuOqDei
The Government Accountability Office decided Tuesday that the SEC should submit its crypto custody rule to Congress, which would increase the chances it could be nullified, reports @Joanna_Focus. https://t.co/nuBzaTf7y9 https://t.co/nuBzaTf7y9
The U.S. Government Accountability Office took issue with the SEC’s Staff Accounting Bulletin 121 which contained controversial guidance for firms with crypto assets on their balance sheet. https://t.co/FWypwLbwZo
ICYMI: Congressional watchdog says SEC needs lawmaker approval before moving forward with controversial bulletin https://t.co/4xur6ri26i
📣 Latest News: GAO finds controversial SEC guidance is subject to congressional oversight #news #cryptonews #crypto #regulations
The SEC’s crypto policies suffer another blow. https://t.co/9kvwV6WxV4
NEWS: US GOA finds that SEC may have broken the law in issuing SAB 212 https://t.co/evvG88XWJs
Congressional watchdog says SEC needs lawmaker approval before moving forward with controversial bulletin https://t.co/D2ENag4JHV
The @SECGov has insisted that its accounting policies for crypto -- so-called SAB 121 -- didn't need to be treated as a formal rule, but the @USGAO has ruled that the agency was wrong. @jesseahamilton reports https://t.co/SNyrrMzfpx