The US Securities and Exchange Commission (SEC) is facing criticism from Democratic lawmaker Rep. Wiley Nickel over its handling of a bulletin related to the accounting of companies' cryptocurrency holdings. Rep. Nickel is concerned that the bulletin could jeopardize the safety of digital assets. The Government Accountability Office (GAO) has also highlighted the need for the SEC to present the bulletin to Congress for evaluation before it can take effect. Rep. Nickel emphasized the importance of Congress having a say in the matter and raised doubts about the SEC's compliance with the Administrative Procedures Act. The bulletin in question, published in March 2022, requires companies to record crypto holdings as liabilities on their balance sheets. Other members of Congress, including Rep. Patrick T. McHenry and Sen. Cynthia Lummis, have also expressed criticism of the bulletin and its potential impact on financial institutions. Sen. Lummis plans to use the Congressional Review Act to block the rule, arguing that it should have been presented as an official rule rather than a bulletin.
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