CONGRESSIONAL WATCHDOG SAYS SEC NEEDS LAWMAKER APPROVAL BEFORE MOVING FORWARD WITH CONTROVERSIAL BULLETIN

Summary from the TLDR Crypto newsletter

The US Government Accountability Office has stated that the SEC’s recent guidance on cryptocurrency accounting needs Congressional approval before being enforced. The accounting bulletin demands that firms that custody cryptocurrency list customer crypto holdings as liabilities, but has faced backlash from crypto advocates. With the GAO's ruling, Congress now has the ability to review and disapprove these rules over a 60 day period.