Democratic lawmaker criticizes SEC's handling of controversial crypto accounting bulletin

📆 11/2/2023 7:37 PM

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📆 11/2/2023 7:37 PM
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Rep. Wiley Nickel criticized the SEC over its handling of a controversial bulletin that details how firms should account for holding crypto.

Rep. Wiley Nickel of North Carolina criticized the Securities and Exchange Commission over its handling of a controversial bulletin that details how firms should account for holding cryptocurrencies.

"The GAO decision is just the latest in a series of losses for the SEC demonstrating the agency's disregard for the statutorily required processes in the Administrative Procedures Act," Wiley said. The Administrative Procedures Act, or APA, governs how federal agencies develop and issue rules. SEC Chair Gary Gensler defended the bulletin back in April during a House Financial Services Committee hearing.

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