US lawmakers seek to overturn SEC's cryptocurrency accounting rules.

According to a report by CoinDesk on February 2nd, US lawmakers are trying to cancel a controversial accounting notice from the US Securities and Exchange Commission (SEC) that restricts companies wanting to hold customer crypto assets. Senator Cynthia Lummis (R-Wyo.), along with Representatives Wiley Nickel (D-N.C.) and Mike Flood (R-Neb.), introduced matching resolutions in the Senate and House on Thursday, formally opposing the accounting rule and determining that it has no legal effect. SEC Staff Accounting Bulletin No. 121 (SAB 121) for 2022 requires companies that hold customer cryptocurrencies to include them on their own balance sheets, which may force banks wanting to hold cryptocurrencies to maintain what they view as heavy capital to offset risks.