Odaily News The U.S. Government Accountability Office (GAO) today released an investigation finding that the SEC did not send its encryption accounting bulletin SAB 121 to Congress in accordance with official rules, which constitutes a failure to comply with the Congressional Review Act (CRA). The SEC responded in a statement: GAOs opinion expresses its view that SAB 121 is a rule of the CRA. The opinion does not otherwise affect the status of SAB 121. It is reported that SAB 121 requires that Financial firms that have clients with crypto-assets record these assets on their own balance sheets and reserve capital against them. The crypto industry and U.S. Republican lawmakers argued that this undermined the willingness of regulated banks to act as custodians of cryptocurrencies and that the announcement treated crypto assets inconsistently with other assets. (Coindesk)