Rep. McHenry, Sen. Lummis Send Letter to Federal Regulators Demanding Digital Asset Regulatory Clarity

Rep. Patrick McHenry (R-NC), Chair of the House Financial Services Committee, and Sen. Cynthia Lummis (R-WY), have co-authored a letter addressed to federal regulators demanding regulatory clarity on digital assets.

Both elected officials are known for their support of Fintech innovation. Lummis has co-authored legislation aiming to create rules for digital assets. McHenry’s Committee is known to be working on various bills designed to provide consumer protections within the crypto sector while enabling innovation.

The letter has been sent to the US Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the National Credit Union Administration following up on a letter seeking clarification on Staff Accounting Bulletin 121 (SAB 121), which changed the way financial institutions are expected to account for the custody of digital assets.

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