U.S. SEC Messed Up in Handling Contentious Crypto Accounting Bulletin 121: GAO

“Today, the GAO recognized SAB 121 for what it is: regulation under the guise of staff guidance,” said Nathan McCauley, CEO and co-founder of Anchorage Digital Bank, in a statement. He said the bulletin “makes it economically impossible for SEC-reporting banks some of the most trusted financial institutions worldwide to custody digital assets at scale.”