As the U.S. Securities and Exchange Commission (SEC) Chair keeps chasing non-compliance in crypto, his agency was slammed by the watchdog Government Accountability Office (GAO) for its own compliance failure in issuing crypto accounting standards without treating the policy as a formal rule.
So, what now? In practical terms, probably nothing much.
The agency is likely to rectify the accusation that it sidestepped the Congressional Review Act (CRA) by submitting Staff Accounting Bulletin 121 (SAB 121) to Congress, as the GAO argued should have been done when the controversial policy was issued in 2022.
Source: U.S. SEC’s Knock From GAO Unlikely to Budge Agency’s View on Crypto Accounting
