SEC cancels controversial crypto accounting rules
The SEC published a new Staff Accounting Bulletin revoking SAB 121, rules that governed how financial firms should hold crypto criticized by the industry.
Update (Jan. 23, 11:55 pm UTC): This article has been updated to add information throughout.
The Securities and Exchange Commission has canceled a controversial rule that mandated 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.
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Author: Brayden Lindrea
