Yesterday a House attempt to override President Biden's veto on the crypto accounting rule from the SEC failed to gain its 2/3 majority however after this bombshell the SEC is open to cut deals it seem
Some companies and financial institutions have agreed terms with the SEC that would allow them to skirt controversial crypto accounting guidance that effectively prevents banks from holding crypto on behalf of clients, an anonymous source told Bloomberg.
For those that are not aware here is what the SEC was trying to do
The SEC's staff accounting bulletin 121, known as SAB 121, requires banks and other companies that custody crypto to record their customer's crypto holdings as liabilities on their balance sheets, making it complicated and costly to do so.