Unveiling: US stock exchange supervision prevents banks from keeping Bitcoin and cryptocurrencies through obscure accounting rule

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Die US-Börsenaufsichtsbehörde (SEC) hat eine Rechnungslegungsvorschrift namens Staff Accounting Bulletin No. 121 (SAB 121) eingeführt, die es US-Banken erschwert, Bitcoin und andere Kryptowährungen zu halten. Dies wurde von Matt Walsh, Partner von Castle Island Ventures, über Twitter enthüllt. Walsh behauptet, dass Gary Gensler, der Leiter der SEC, diese Regel benutzt, um die SEC in eine Leistungsregulierungsbehörde zu verwandeln und große Banken daran zu hindern, Kryptowährungen in den USA anzufassen. SAB 121, das seit dem 31. März 2022 in Kraft ist, betrifft Unternehmen, die Finanzinformationen gemäß den US-amerikanischen Generally Accepted Accounting Principles (GAAP) oder den International Financial Reporting Standards (IFRS) bei …
The US stock exchange supervisory authority (SEC) has a accounting regulation called Staff Accounting Bulletin No. 121 (SAB 121) introduced, which make it difficult to keep Bitcoin and other cryptocurrencies. This was unveiled by Matt Walsh, partner of Castle Island Ventures. Walsh claims that Gary Gensler, the head of the SEC, uses this rule to transform the SEC into a performance regulatory authority and to prevent large banks from touching cryptocurrencies in the USA. SAB 121, which has been in force since March 31, 2022, affects companies that affect financial information in accordance with the US General Aally Accepted Accounting Principles (GAAP) or the International Financial Reporting Standards (IFRS) ... (Symbolbild/KNAT)

The US stock exchange supervisory authority (SEC) has a accounting regulation called Staff Accounting Bulletin No. 121 (SAB 121) introduced, which make it difficult to keep Bitcoin and other cryptocurrencies. This was unveiled by Matt Walsh, partner of Castle Island Ventures. Walsh claims that Gary Gensler, the head of the SEC, uses this rule to transform the SEC into a performance regulatory authority and to prevent large banks from touching cryptocurrencies in the USA.

SAB 121, which has been in force since March 31, 2022, affects companies that submit financial information in accordance with the US General Aally Accepted Accounting Principles (GAAP) or the International Financial Reporting Standards (IFRS) and have a security obligation for crypto assets. The provision requires that these companies have to identify a liability and a corresponding asset in accordance with ASC 805, company mergers.

The regulation forces banks that offer Bitcoin attitude to treat the bitcoins of its customers as their own assets. This means that you have to keep more US dollars than capital costs for the asset. This contradicts the usual treatment of other assets by storage.

The effects of SAB 121 can already be felt by major financial institutions. The Bank of New York Mellon (BNY) has expressed its dissatisfaction with the regulation in its comment to the SEC because it makes its crypto business unprofitable. Anchorage pointed out that SAB 121 seems to block BNY's Custody offer and hinder serious companies to offer services on the cryptom market.

Senator Cynthia Lummis and Congress Member Patrick Mchenry asked in a letter to the Sec and emphasized that this regulation would prevent banks and credit cooperatives from offering Bitcoin and crypto-attorney. Even the Commissioner Hester Peirce from the SEC itself has expressed its rejection of the guidelines.

Matt Walsh claims that this step of the agenda of Senator Elizabeth Warren serves, which requires a stronger regulation and control of the industry for digital assets. Walsh points out that Warren already urged Gensler to regulate the digital asset industry in September 2021.

The introduction of a law on the structure of the market for digital assets and a StableCoin law would create a clear and supportive framework of regulation that promotes responsible growth and at the same time guarantees consumer protection, according to Walsh.

Control of the SEC on Bitcoin and cryptopolitics in the United States raises concerns about the influence and the decision-making violence of not chosen civil servants like Gary Gensler. The effects of SAB 121 on the Bitcoin and crypto industry are already noticeable and hinder the growth of serious and regulated companies. To counteract this, politicians and experts demand answers and a review of the regulation.