US Congress Urges Financial Authorities to Clarify Applicability of SAB 121

Members of the United States Congress, including key financial officials such as the chairman of the Federal Deposit Insurance Commission and the acting currency auditor, have called for guidance or action to clarify that the SEC Staff Accounting Bulletin 121 (SAB 121) is not applicable, following recent data from the Government Accountability Office (GAO). Noteworthy Requests for SAB 121 With this development, members of Congress stated that SAB 121 should not play a legal role and that federal banking agencies and the National Credit Union Administration should not require banks, credit unions, and other financial institutions providing custody services for cryptocurrencies to comply with it. The post US Congress Urges Financial Authorities to Clarify Applicability of SAB 121 appeared first on COINTURK NEWS.