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SAB 121 has been chasing large banks and brokers away from the crypto sector, said Paul McCaffery, who works as a managing director focusing on digital assets at Keefe, Bruyette & Woods, a banking firm that services the financial sector. When people can't find a regulated home for their assets,
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United States Senator Cynthia Lummis has scored another one for crypto with a Government Accountability Office (GAO) decision issued on Oct. 31. The GAO found that Securities and Exchange Commission (SEC) Staff Accounting Bulletin 121 should be subject to congressional review. That bulletin, issued in March 2022, has been a
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"Today, the GAO recognized SAB 121 for what it is: regulation under the guise of staff guidance," said Nathan McCauley, CEO and co-founder of Anchorage Digital Bank, in a statement. He said the bulletin "makes it economically impossible for SEC-reporting banks – some of the most trusted financial institutions worldwide
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Major U.S. financial regulators - the Consumer Financial Protection Bureau (CFPB), the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve System, the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC) -
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The United States Government Accountability Office (GAO), a Congressional watchdog agency, has released a report it completed in June on the regulatory framework for the use of blockchain in finance. The 77-page report was requested by Reps. Maxine Waters and Stephen Lynch before the midterm elections, when they were the chair
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The United States Government Accountability Office (GAO) found that blockchain technology can help facilitate oversight of various programs run by the Small Business Administration (SBA).The GAO explored the potential use of blockchain in SBA programs, which provides support to entrepreneurs and small businesses. In its report, the GAO highlighted blockchain’s
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The United States Government Accountability Office, or GAO, has released its preliminary review of the failures of Silicon Valley Bank and Signature Bank — and included exposure to deposits from the cryptocurrency industry.In a report released on May 11, the GAO said “poor governance and unsatisfactory risk-management practices” led to
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