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The SEC published a new staff accounting bulletin rescinding SAB 121, which set certain rules for financial firms wanting to hold crypto.
Jan 23, 2025, 11:14 p.m. UTC
(CoinDesk archives)
The U.S. Securities and Exchange Commission published a new Staff Accounting Bulletin Thursday withdrawing its controversial SAB 121.
SAB 121 directed banks and other public companies that they had to mark any customers' crypto assets on their own balance sheets. SAB 122 "rescinds the interpretive guidance" and instead directs firms to use Financial Accounting Standards Board rules or International Accounting Standard provisions.
Nikhilesh De
Nikhilesh De is CoinDesk's managing editor for global policy and regulation, covering regulators, lawmakers and institutions. When he's not reporting on digital assets and policy, he can be found admiring Amtrak or building LEGO trains. He owns < $50 in BTC and < $20 in ETH. He was named the Association of Cryptocurrency Journalists and Researchers' Journalist of the Year in 2020.
