Tag: Chuck Schumer

U.S. Senate Passes Resolution to Overturn SEC’s Crypto Accounting Bulletin

Compliance Charlene Lensburg - May 17, 2024

The U.S. Senate has passed a resolution aimed at overturning the U.S. Securities and Exchange Commission's (SEC) Staff Accounting Bulletin 121 (SAB 121). This bulletin establishes specific accounting standards for firms that custody cryptocurrencies, mandating that firms holding cryptos on behalf of customers record these holdings as liabilities on their balance sheets. The resolution, passed with a 60-38 vote, now moves to President Joe Biden's desk, where it is expected to be vetoed.

FinTelegram is a cyberfinance intelligence and compliance platform investigating financial crime, regulatory violations, and the rails, entities, and ecosystems that facilitate them. Combining investigative journalism, whistleblower intelligence, and forensic compliance analysis, we map risk across payments, banking, crypto, and offshore structures to support transparency, accountability, and informed action.

Disclaimer: FinTelegram is an independent intelligence and compliance platform and does not provide investment, legal, or financial advice. Content published on this website, including references and links to third-party sources, is provided for informational, contextual, and educational purposes only and does not constitute a recommendation, endorsement, or solicitation. Readers must make their own independent assessment and obtain professional advice where appropriate. Past events and referenced materials are not a track record and should not be relied upon as an indicator of future results.