The U.S. Securities and Exchange Commission (SEC) has come under scrutiny from the U.S. Government Accountability Office for failing to follow proper procedures in issuing guidance on cryptocurrency safeguarding. The accountability office claims that the SEC did not submit the necessary reports to Congress and the Comptroller General before implementing the guidance. The SEC argues that the guidance is not a rule and therefore does not require these reports. The accountability office’s next steps are unclear, as some believe it has limited enforcement power. The SEC’s guidance, published in March, has also faced controversy from Republican lawmakers who argue that it deviates from traditional practices and could hinder banks from offering digital asset custody services. SEC Chair Gary Gensler has defended the guidance, stating that both banks and public companies should include relevant information on their balance sheets.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Andy Barr, Gary Gensler
Companies	Congressional Review Act, Senate, Administrative Procedure Act, House of Representatives, Comptroller General, SEC, Republican lawmakers, U.S. Government Accountability Office
Currencies	None
Securities	None