SEC's Crypto Accounting Guidance Takes a Hit. But Implications are far From Clear

Also, IEX pushes back on those who want the SEC to go slow on market structure; Gensler calendars show he was in close contact with Fed's Barr ahead of deadline on syndicated loan case

The Government Accountability Office issued a decision today finding that a controversial SEC staff accounting bulletin on custodying digital assets was actually a rule that needed to be submitted to Congress. What that means, however, is open to a lot of debate – and will probably take a lot of lawyers to unwind.

One thing for sure, however, is that the…