FDIC Vice Critiques SEC's Crypto Guide, Cites Major Concern

Travis Hill, the Vice Chair of the Federal Deposit Insurance Corporation (FDIC), has aired a lot of criticism concerning the Securities and Exchange Commission’s (SEC) crypto accounting guidelines. He gave his comments during a speech at an event organized by the Mercatus Center, dedicated to the subject of tokenization. The critique is based upon the SEC’s Staff Accounting Bulletin (SAB) 121, which requires that firms that custodian cryptocurrencies to record the crypto holdings of their customers as liabilities on their balance sheet.