Paul Atkins criticised the SEC’s prior policy on custody accounting, arguing that Staff Accounting Bulletin 121 caused confusion and represented regulatory overreach by bypassing proper rulemaking procedures

Quotes that support claims

Commission staff recently removed a significant impediment for companies seeking to provide crypto asset custodial services by rescinding Staff Accounting Bulletin No. 121

That pronouncement was a grave error. The staff had no place to act so broadly in place of Commission action and without notice-and-comment rulemaking