The U.S. SEC has cancelled the SAB 121 rule.
The revocation of SAB 121 reflects Trump’s push for crypto-friendly regulations.
The U.S. Securities and Exchange Commission (SEC) has withdrawn Staff Accounting Bulletin No. 121 (SAB 121). It is a 2022 directive requiring financial institutions to categorize customer-held digital asset exposures as liabilities on their annual report.
This change has been codified and is expected to improve the regulatory environment of the banks and cryptocurrency companies with responsibilities for the custody of digital assets.
Furthermore, the bulletin asked entities to identify both an asset and its paired liability for digital assets held for clients. It reflects the perceived risk attached to cryptocurrency portfolios.
Because of its strict accounting standards, SAB 121 has become a source of frustration in the financial and crypto communities. Critics complained that the provisions constituted burdensome compliance costs and led to a r
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