{"id":80589,"date":"2023-11-04T07:34:45","date_gmt":"2023-11-04T11:34:45","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/sec-faces-criticism-from-democrat-lawmaker-over-handling-of-crypto-accounting-bulletin\/"},"modified":"2023-11-04T07:34:49","modified_gmt":"2023-11-04T11:34:49","slug":"sec-faces-criticism-from-democrat-lawmaker-over-handling-of-crypto-accounting-bulletin","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=80589","title":{"rendered":"SEC Faces Criticism from Democrat Lawmaker Over Handling of Crypto Accounting Bulletin"},"content":{"rendered":"<div>\n<figure id=\"attachment_127128\" aria-describedby=\"caption-attachment-127128\" style=\"width: 1076px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-127128\" class=\"wp-caption-text\">SEC Chair Gary Gensler. Source: screenshot of a YouTube video \/ Yahoo Finance<\/figcaption><\/figure>\n<p>The US Securities and Exchange Commission (SEC) is under scrutiny after Democratic lawmaker Rep. Wiley Nickel from North Carolina criticized the agency\u2019s management of a controversial bulletin concerning the accounting of companies\u2019 crypto holdings.<\/p>\n<p>Rep. Nickel has voiced concerns about the potential repercussions of the bulletin, stating that it could undermine the safety of digital assets, according to a report from The Block.<\/p>\n<p>The representative\u2019s remarks came just days after the Government Accountability Office (GAO) highlighted that the SEC should present the bulletin to Congress for evaluation before it can take effect.<\/p>\n<p>During a House Financial Services subcommittee hearing, Rep. Wiley emphasized his satisfaction with Congress having a say in this matter and expressed his reservations about the SEC\u2019s compliance with the Administrative Procedures Act (APA), which governs how federal agencies establish and issue rules.<\/p>\n<p>The bulletin in question is the SEC\u2019s Staff Accounting Bulletin No. 121 (SAB 121), published in March 2022, which mandates that companies that hold crypto on behalf of customers record those holdings as liabilities on their balance sheets.<\/p>\n<p>The GAO\u2019s recent statement clarifies that the Congressional Review Act requires agencies to submit a report on a rule to Congress before it becomes effective.<\/p>\n<p>Already, critical reactions have come in from several other members of Congress.<\/p>\n<p>Rep. Patrick T. McHenry, a Republican from North Carolina, and Chair of the House Financial Services Committee, has said he believes the bulletin imposes substantial new requirements on financial institutions and could discourage them from offering custodial services.<\/p>\n<p>Meanwhile, Sen. Cynthia Lummis, a Republican from Wyoming who is known as one of the most pro-crypto members of Congress, plans to use the Congressional Review Act to block the rule, emphasizing that it should have been presented as an official rule rather than a bulletin.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/sec-faces-criticism-from-democrat-lawmaker-over-handling-of-crypto-accounting-bulletin.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEC Chair Gary Gensler. Source: screenshot of a YouTube video \/ Yahoo Finance The US Securities and Exchange Commission (SEC) is under scrutiny after Democratic lawmaker Rep. Wiley Nickel from North Carolina criticized the agency\u2019s management of a controversial bulletin concerning the accounting of companies\u2019 crypto holdings. Rep. Nickel has voiced concerns about the potential [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":80590,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-80589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC Faces Criticism from Democrat Lawmaker Over Handling of Crypto Accounting Bulletin | iFintechWorld<\/title>\n<meta name=\"description\" content=\"SEC Chair Gary Gensler. Source: screenshot of a YouTube video \/ Yahoo Finance The US Securities and Exchange Commission (SEC) is under scrutiny after\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=80589\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC Faces Criticism from Democrat Lawmaker Over Handling of Crypto Accounting Bulletin | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"SEC Chair Gary Gensler. Source: screenshot of a YouTube video \/ Yahoo Finance The US Securities and Exchange Commission (SEC) is under scrutiny after\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=80589\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-04T11:34:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-04T11:34:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/1699032881-gary-gensler.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1076\" \/>\n\t<meta property=\"og:image:height\" content=\"814\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=80589#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=80589\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"SEC Faces Criticism from Democrat Lawmaker Over Handling of Crypto Accounting Bulletin\",\"datePublished\":\"2023-11-04T11:34:45+00:00\",\"dateModified\":\"2023-11-04T11:34:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=80589\"},\"wordCount\":342,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Crypto\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=80589#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=80589\",\"url\":\"https:\/\/ifintechworld.com\/?p=80589\",\"name\":\"SEC Faces Criticism from Democrat Lawmaker Over Handling of Crypto Accounting Bulletin | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-11-04T11:34:45+00:00\",\"dateModified\":\"2023-11-04T11:34:49+00:00\",\"description\":\"SEC Chair Gary Gensler. Source: screenshot of a YouTube video \/ Yahoo Finance The US Securities and Exchange Commission (SEC) is under scrutiny after\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=80589#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=80589\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=80589#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SEC Faces Criticism from Democrat Lawmaker Over Handling of Crypto Accounting Bulletin\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SEC Faces Criticism from Democrat Lawmaker Over Handling of Crypto Accounting Bulletin | iFintechWorld","description":"SEC Chair Gary Gensler. Source: screenshot of a YouTube video \/ Yahoo Finance The US Securities and Exchange Commission (SEC) is under scrutiny after","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=80589","og_locale":"en_US","og_type":"article","og_title":"SEC Faces Criticism from Democrat Lawmaker Over Handling of Crypto Accounting Bulletin | iFintechWorld","og_description":"SEC Chair Gary Gensler. Source: screenshot of a YouTube video \/ Yahoo Finance The US Securities and Exchange Commission (SEC) is under scrutiny after","og_url":"https:\/\/ifintechworld.com\/?p=80589","og_site_name":"iFintechWorld","article_published_time":"2023-11-04T11:34:45+00:00","article_modified_time":"2023-11-04T11:34:49+00:00","og_image":[{"width":1076,"height":814,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/1699032881-gary-gensler.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=80589#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=80589"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"SEC Faces Criticism from Democrat Lawmaker Over Handling of Crypto Accounting Bulletin","datePublished":"2023-11-04T11:34:45+00:00","dateModified":"2023-11-04T11:34:49+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=80589"},"wordCount":342,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Crypto"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=80589#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=80589","url":"https:\/\/ifintechworld.com\/?p=80589","name":"SEC Faces Criticism from Democrat Lawmaker Over Handling of Crypto Accounting Bulletin | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-11-04T11:34:45+00:00","dateModified":"2023-11-04T11:34:49+00:00","description":"SEC Chair Gary Gensler. Source: screenshot of a YouTube video \/ Yahoo Finance The US Securities and Exchange Commission (SEC) is under scrutiny after","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=80589#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=80589"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=80589#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"SEC Faces Criticism from Democrat Lawmaker Over Handling of Crypto Accounting Bulletin"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/80589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=80589"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/80589\/revisions"}],"predecessor-version":[{"id":80591,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/80589\/revisions\/80591"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/80590"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=80589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=80589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=80589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}