U.S. Rep. Patrick McHenry (R-N.C.), the chairman of the House Financial Services Committee, and Sen. Cynthia Lummis (R-Wyo.), who has authored crypto legislation, sent a letter to several banking agencies on Thursday asking how they’re dealing with a controversial bulletin from the Securities and Exchange Commission that advised financial institutions they should maintain customers’ crypto holdings on their own balance sheets.
U.S. Lawmakers Argue SEC Accounting Policy Undermines Safe Crypto Custody
