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U.S. SEC Messed Up in Handling Contentious Crypto Accounting Bulletin: GAO

The Staff Accounting Bulletin 121 said customers' crypto assets in banks should be held on the banks' own balance sheets. That should have been a rule, not guidance, the GAO says, but the SEC says the policy remains unchanged in the meantime.

By Jesse Hamilton|Edited by Kevin Reynolds

Updated Oct 31, 2023, 9:28 p.m. Published Oct 31, 2023, 7:11 p.m.

Chair Gary Gensler's U.S. Securities and Exchange Commission has insisted that its accounting policies for crypto didn't need to be treated as a formal rule, but the Government Accountability Office disagrees. (Jesse Hamilton/CoinDesk)