The U.S. Trade Group Alliance urges the SEC to amend accounting guidance rules related to cryptocurrencies

According to Bloomberg, a trade group alliance including the Bank Policy Institute, American Bankers Association, Securities Industry and Financial markets Association, and Financial Services Forum sent a letter to the U.S. Securities and Exchange Commission (SEC) seeking amendments to accounting guidance rules related to cryptocurrencies. The rule requires listed companies, including banks, to count their custodied cryptocurrencies as liabilities on their balance sheets. This means they must set aside an equivalent amount of assets to prevent losses in order to meet their capital requirements.