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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.

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)
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)