📢 🦅 SEC Commissioner Esther Pierce expressed criticism of her agency's approach to regulating cryptocurrencies, highlighting a number of problems:

— Pierce was particularly critical of the accounting rule “SAB 121,” which requires companies to show their customers’ crypto assets as liabilities on their balance sheets. She considers this claim dubious.

— Pierce emphasized that such significant rules must be adopted by the entire SEC, and not just its staff, which operates under the direction of the SEC Chairman.

— She expressed concerns that “SAB 121” could hinder the ability of banks to store digital assets, thereby limiting the development of the crypto industry.

— Last month, a legislative proposal was proposed to repeal SAB 121 because such measures require congressional approval, highlighting the need for widespread discussion and agreement on such regulatory initiatives.$BTC #bitcoinhalving