Outside Source
The SEC published a new Staff Accounting Bulletin revoking SAB 121, rules that governed how financial firms should hold crypto criticized by the industry.
Breaking news
The Securities and Exchange Commission has canceled a controversial rule that mandated that financial firms holding crypto must record those holdings as liabilities on their balance sheets.
A new Staff Accounting Bulletin on Jan. 23 said it “rescinds the interpretive guidance” of SAB 121, an agency rule published in March 2022 that the crypto industry has long sought to cancel.
“Bye, bye SAB 121!” SEC Commissioner and the agency’s crypto task force lead Hester Peirce wrote in a Jan. 23 X post. “It’s not been fun.”
Bye, bye SAB 121! It’s not been fun: https://t.co/cIwUc0isUE | Staff Accounting Bulletin No. 122
— Hester Peirce (@HesterPeirce) January 23, 2025
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
