SAB 121 has been chasing large banks and brokers away from the crypto sector, said Paul McCaffery, who works as a managing director focusing on digital assets at Keefe, Bruyette & Woods, a banking firm that services the financial sector. When people can’t find a regulated home for their assets, they go to the unregulated firms that are more prone to disaster, he argued.
Source: https://www.coindesk.com/policy/2023/11/02/us-secs-knock-from-congressional-watchdog-may-not-budge-crypto-accounting-policy/?utm_medium=referral&utm_source=rss&utm_campaign=headlines