The Office questions the SEC's cryptocurrency guidance, raising debates over regulatory definitions and enforcement authority.
This situation has sparked a debate on whether the bulletin should be categorized as a “rule.”Notably, the accountability office accused the SEC of neglecting a crucial step when providing guidance concerning the accounting and disclosure of custodial obligations. This was related to safeguarding users’ cryptocurrency holdings.
This situation has sparked a debate over whether the bulletin should be categorized as a “rule.” The accountability office argued that the bulletin meets specific definitions of a rule according to the Administrative Procedure Act , thus necessitating the submission of requisite reports. However, this shift from traditional practices sparked controversy among Republican lawmakers, who voiced concerns about its implications. They argued that this change contradicted established banking practices, particularly related to the off-balance sheet handling of custody assets.
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