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International Business Times
International Business Times
Business
Marvie Basilan

FDIC Blasts SEC's Controversial SAB 121 Bulletin Targeting Crypto Custodians

SEC FDIC United States Crypto Travis Hill CFTC
The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C. (Credit: Reuters)

KEY POINTS

  • Travis said the bulletin would make it "prohibitively challenging" for providers to engage in crypto custody operations
  • He also slammed the SEC for an "extremely broad" description of a cryptocurrency asset
  • US lawmakers last moved to repeal the bulletin, saying it had massive implications on the sector

The Federal Deposit Insurance Corporation (FDIC), which supplies deposit insurance to depositors in U.S. commercial and savings banks, on Monday slammed the U.S. Securities and Exchange Commission's (SEC) highly-debated Staff Accounting Bulletin 121 (SAB 121), saying it was not aligned with the usual practices in custodian accounting.

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