US Lawmakers Move Resolution To Repeal SEC's Crypto Custody Accounting Rule

The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C. (Credit: Reuters)

KEY POINTS

• Sen. Lummis said SAB 121 had "massive implications"
• Rep. Flood said the accounting policy "goes beyond" a bulletin's scope
• Rep. Nickel argued that the SEC was overstepping its authority through the bulletin

Three U.S. lawmakers moved resolutions on Thursday to repeal the Securities Exchange Commission's (SEC) controversial Staff Accounting Bill (SAB) 121, which puts restrictions on companies that want to have custody of their customers' crypto assets.