Cosponsored a bill on 2024-07-23
Bill Name
Uniform Treatment of Custodial Assets Act
Details
This bill, titled the "Uniform Treatment of Custodial Assets Act," prohibits federal financial regulators, including the SEC and federal banking agencies, from requiring financial institutions to treat assets held in custody—specifically mentioning assets associated with cryptographic keys or digital assets—as liabilities on their balance sheets. It also prevents these agencies from mandating additional regulatory capital against such custodial assets, except for operational risk mitigation under general regulations. The aim is to clarify accounting treatment for crypto assets held by regulated entities.