An SEC insider reveals the reason for the regulator making exceptions in the SAB 121.
The SAB 121 bill was passed in March 2022 to ensure listing of crypto assets by banks.
The history of crypto’s battle with the SEC dates back several years. Amid the recent anti-SAB voting, the SEC has announced making exceptions for certain custody banks and broker dealers in crypto reports. This announcement has caused quite a stir, raising speculations in the market. Recently, Fox Reporter Eleanor Terrett stated, speaking to an insider regarding the exception.
Notably, according to Eleanor Terrett’s post on her X account, the SEC remains firm on its SAB (Staff Accounting Bulletin) 121 guidance but has made exceptions for particular reasons. Moreover, the reporter’s inside source stated that firms have demonstrated to the SEC that their fact patterns are different from those outlined in the SAB 121.
The insider stated that:
“certain broker dealers and custody banks have
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