While the US House continues to hold the Biden veto on the SAB 121 accounting rule, the U.S. Securities and Exchange Commission (SEC) is now offering some relaxation on crypto reporting for banks and brokerages.
SEC Allows Banks to Exclude Crypto Holdings from Balance Sheets
The U.S. securities regulator has now opened up a new pathway for banks and brokerages to avoid reporting their customers’ crypto holdings on their balance sheets. However, the banks need to make sure that they mitigate all associated risks. This is a welcome move in response to the controversial crypto-accounting guidance turning into a matter of strong debate in Congress.
The SEC staff has already started offering guidance on certain arrangements that don’t make it mandatory to report a liability of crypto holdings on the balance sheets, said an SEC source familiar with the matter.
Several top banking players have been in consultation with the US SEC over the last year. They have also received the approval to
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