BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BREAKING NEWS

U.S. Rep. Wiley Nickel of North Carolina Claims the SEC is Causing Harm to Digital Assets

by BlockNews.com Team
November 2, 2023
in BREAKING NEWS, CRYPTO, FEATURED
Reading Time: 2 mins read
A A
#image_title

#image_title

1
SHARES
14
VIEWS
Share on XShare in TelegramShare on Reddit
  • The SEC recently issued a controversial accounting bulletin requiring firms that custody crypto to record customer holdings as liabilities, sparking criticism for avoiding standard rulemaking procedures.
  • Lawmakers like Rep. McHenry and Sen. Lummis have voiced concerns that the bulletin imposes massive new requirements without input from regulators or the public.
  • The GAO said the SEC must submit the bulletin to Congress under the Congressional Review Act before it can take effect, giving Congress a chance to review and potentially block the rule.

The SEC recently issued a controversial accounting bulletin regarding cryptocurrency holdings that is now facing criticism from lawmakers. The bulletin requires firms that custody crypto to record customer holdings as liabilities, but some say the SEC overstepped its authority.

SEC Defends Crypto Accounting Bulletin

SEC Chair Gary Gensler defended the accounting bulletin, arguing it is needed to protect investors in cases like the Celsius bankruptcy. However, the bulletin was issued without input from regulators or the public.

Lawmakers Voice Concerns Over Crypto Accounting Rules

Rep. Patrick McHenry said the bulletin would impose “massive new requirements” on institutions and deter crypto custody services. Sen. Cynthia Lummis said the bulletin should have gone through proper rulemaking procedures. Rep. Wiley Nickel criticized the SEC’s “disregard for the statutorily required processes.”

🚨 NEWS: 🇺🇸 Rep. Wiley Nickel of North Carolina claims the SEC is causing harm to digital asset safety.

This follows the GAO's stance that Congress must review the SEC's bulletin on crypto.

Politicians on both sides are starting to turn on the SEC 👀 pic.twitter.com/pzIp164rdP

— BlockNews.com (@blocknewsdotcom) November 2, 2023

GAO Deals Blow to Controversial SEC Bulletin

The Government Accountability Office (GAO) said the SEC must submit the bulletin to Congress under the Congressional Review Act before it can take effect. This gives Congress the chance to review and potentially block the rule.

Conclusion

The SEC’s crypto accounting bulletin sparked backlash for avoiding standard rulemaking procedures. Now the GAO has stepped in, forcing the SEC to give Congress a say. The fate of the controversial bulletin remains uncertain amid ongoing criticism.

Tags: BlockchaincryptoWeb3
TweetShareShare
Previous Post

FTX Transferred +$21M in Solana to Major Exchanges, Signally a Potential Upcoming Sell Off

Next Post

A Bitcoin Bull Run is Immanent as BTC Breaks $35,000, and Here is Why

DON'T MISS THESE! HOT OFF THE PRESS

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling
CRYPTO

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?
CRYPTO

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak
CRYPTO

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party
CRYPTO

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
Load More

Related News

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.