Political Quotes

“Mr. Speaker, I thank the chairman for yielding time. Mr. Speaker, this accounting bulletin has proven to be a barrier to publicly traded banks having an ability to meaningfully engage in distributed ledger products due to their overly broad definition of a crypto asset. SAB 121 makes no distinction between asset types in use cases, but, instead, generally states that crypto assets pose certain technological, legal, and regulatory risks, requiring special on- balance-sheet treatment. All other assets, if you want to make a deposit at a bank, they are glad to hold custody of the assets, but somehow these assets qualify for special treatment. Normally, if there was on-balance-sheet treatment, it would also just be a clean entry. There wouldn't be a mark to mark it that would require not just a balance sheet treatment that would be appropriate for a custody of a certain kind of asset, but you would have income statement flow throughs and all kinds of other risks. Why would a bank need to cover extra risk up to 100 percent of the deposit of an asset simply to take custody of the asset? This is a special treatment that applies just to these assets, so applying on- balance-sheet treatment for crypto assets wrongly subjects customer assets to creditors' claims in the event there was a failure of a custodial institution. In a traditional bankruptcy, assets are accounted for on balance sheet and are subject to creditor claims.…”