U.S. SEC's Knock From Congressional Watchdog May Not Budge Crypto Accounting Policy

SAB 121 has been chasing large banks and brokers away from the crypto sector, said Paul McCaffery, who works as a managing director focusing on digital assets at Keefe, Bruyette & Woods, a banking firm that services the financial sector. When people can’t find a regulated home for their assets, they go to the unregulated firms that are more prone to disaster, he argued.