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The SEC's recent decision to grant exceptions to the SAB 121 accounting standard for several large banks has sparked significant controversy. The rule, initially designed to prevent banks from providing crypto custody, has been criticized for its lack of transparency. SEC Commissioner Hester Peirce has publicly condemned the process, calling it 'terrible.' Meanwhile, SEC Commissioner Caroline Crenshaw faced intense scrutiny from US lawmakers during her Senate hearing, where she defended her anti-crypto stance by emphasizing investor protection and market stability. Senator Bill Hagerty highlighted concerns over Crenshaw's resistance to Bitcoin. The crypto community, including industry leaders and lawmakers, continues to clash with the SEC over its regulatory approach.
WOW--@HesterPeirce politely says what many of us are saying about the SEC: it arbitrarily created a rule to try to kill #crypto (#SAB121), but then it started granting backdoor "exceptions" from the rule for big banks. She calls the process "terrible." Indeed https://t.co/sUB72JLfUd
NEW: SEC Commissioner Hester Peirce slams the way in which major banks won backdoor permissions around the anti-crypto rule SAB 121 to custody crypto: "I think that the process has been just terrible around SAB 121" https://t.co/fX8q3gcfVO https://t.co/Sxvkvp3oxP
This is ridiculous. The SEC should provide clear regulations that apply equally to all businesses. Companies shouldn't have to seek special favors from the SEC for exemptions to a rule they specifically created to prevent banks from providing crypto custody. https://t.co/VlUo0QLzdD