Senator Elizabeth Warren described support for the SEC’s Staff Accounting Bulletin (SAB) 121 during a senate hearing on May 16.
Warren asserted that the bulletin, which applies to companies that deal with crypto, is designed to provide accounting guidance.
She said that SAB 121 “simply clarifies” how companies should account for risks related to crypto and make such risks visible in their disclosures. Relevant risks include hacks, theft, and the loss of crypto when a safeguarding company enters bankruptcy.
She said:
“The vote today is about ensuring that the SEC is able to issue guidance that will help companies …. produce strong, consistent, timely and meaningful accounting disclosures”
Warren asserted that the bulletin does not require crypto platforms to add customers’ crypto to their balance sheet — a statement at odds with House Financial Services Committee Chairman Patrick McHenry, who previously said that the bill “requires financial institutions and firms th
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