The SEC’s proposed crypto custody rule and its “hostility” to the industry isn’t in Joe Biden’s “best interests,” Representative Wiley Nickel told Gary Gensler.
The United States securities regulator has turned crypto regulation into a “political football,” and its “open hostility” isn’t helping President Joe Biden, says Representative Wiley Nickel.
In a May 15 letter to Securities and Exchange Commission Chair Gary Gensler, Nickel, a Democrat, claimed the regulator ran contrary to its mission to protect investors and breached its authority in trying to pass the controversial Staff Accounting Bulletin 121, or SAB 121.
SAB 121 is a proposed rule mandating that SEC-reporting entities custodying crypto must record those holdings as liabilities on their balance sheets.
