In the “SEC Speaks” event hosted by the Practicing Law Institute for two days, SEC Commissioner Hester Peirce denounced Staff Accounting Bulletin 121 (also known as SAB 121) and criticized the regulatory approach of the institution.
Released in March 2022, SAB 121 requires companies that custody cryptocurrencies to record customer-held cryptocurrencies as liabilities on their balance sheets. This bulletin has sparked controversy over the past year, as the crypto industry is concerned that it may hinder banks from custodizing digital assets.
Hester Peirce also stated that individuals and entities often encounter “silent responses” when seeking feedback, concerns, and questions from the SEC. She said, “The root of the problem is that the Commission does not incentivize staff to provide more than shrugs, silence, slow walks, and sighs. The culture at the top of the SEC has changed, and as a result, the way the entire institution interacts with the public has changed.”
Tags:
Hester Peirce
SEC
regulation
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https://www.theblock.co/post/286110/sec-commissioner-hester-peirce-denounces-s…
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Original link:
https://www.bitpush.news/articles/6563165
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