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, they go to the unregulated firms that are more prone to disaster, he argued.
U.S. SEC’s Knock From GAO Unlikely to Budge Agency’s View on Crypto Accounting
