Is the scrapping of SAB 121 a poisoned chalice for Bitcoin?
Community members argued that encouraging banks to hold other people’s Bitcoin strays from the original vision of its creator, Satoshi Nakamoto.
The US Securities and Exchange Commission rescinded Staff Accounting Bullet 121 (SAB 121), which had asked financial firms holding crypto to record it as a liability on their balance sheets, reigniting debates over Bitcoin custody within the crypto community.
On Jan. 23, the SEC rescinded controversial crypto accounting rule SAB 121. It had faced widespread criticism from the crypto industry, which argued it created barriers for institutions seeking to custody digital assets.
While some viewed the development as a win, others said that encouraging banks to hold other people’s Bitcoin (BTC) strayed from the original vision of its creator, Satoshi Nakamoto.
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Author: Ezra Reguerra
