SAB 121 has been driving big banks and brokers out of the crypto sector, said Paul McCaffery, who works as a managing director focused on digital assets at Keefe, Bruyette & Woods, a banking firm serving the financial sector. When people can’t find a regulated place for their assets, they turn to unregulated companies that are more prone to disaster, he argued.
US SEC GAO Hit Unlikely to Affect Agency Budge’s View on Crypto Accounting
