A number of members of the US Congress have submitted a memo urging key monetary authorities, together with the chair of the board of the Federal Deposit Insurance coverage Fee and the performing comptroller of the foreign money, to supply steerage or take motion clarifying that the U.S. Securities and Change Fee (SEC) Employees Accounting Bulletin 121 (SAB 121) shouldn’t be enforceable following a latest Authorities Accountability Workplace (GAO) discovering.
Within the memo, the Congress members said that SAB 121 should not have any authorized impact and that the federal banking companies and Nationwide Credit score Union Administration shouldn’t require banks, credit score unions and different monetary establishments offering custody providers for digital property to conform.
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