The US Securities and Exchange Commission (SEC) has officially withdrawn Staff Accounting Bulletin No. 121 (SAB 121), a crypto accounting rule introduced in 2022, just days after SEC Chair Gary ...

During a speech on Sept. 9, Paul Munter, chief accountant for the United States Securities and Exchange Commission, appeared to backpedal on the SEC’s Staff Accounting Bulletin-121 (SAB-121 ...

On January 23, 2025, the Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin 122 (SAB 122), rescinding the controversial SAB 121. Published in March 2022, SAB 121 stated SEC ...

“Bye, bye SAB 121! It’s not been fun,” Peirce wrote in a post on X (formerly Twitter) on Thursday, following the SEC’s issuance of Staff Accounting Bulletin No. 122, which formally rescinds the ...

The SEC rescinded its cryptocurrency accounting guidance, Staff Accounting Bulletin (SAB) 121, on Jan. 23, 2025. Issued in March 2022, SAB 121 required crypto custodians to record digital assets ...

In March 2022, the SEC issued SAB 121, which was designed to articulate the views of the SEC staff regarding the accounting for obligations to safeguard crypto assets an entity holds for platform ...

"US SEC withdraws SAB 121" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational ...

The SEC, without ex-Chair Gary Gensler, has repealed SAB 121, a contentious bulletin that was deemed burdensome for banks and other traditional financial institutions who want to provide crypto ...

The SAB 121 development comes after Trump signed executive orders, halting progress on central bank digital currencies and exploring the case of a Bitcoin BTC/USD reserve.

The controversial SAB 121 rule, which former SEC Chair Gary Gensler backed, led to increased capital reserve obligations as it required lenders to recognize client-held crypto on their balance sheets.

SAB 121- which was implemented in 2022- was also overturned by Congress, but was kept in place by a veto by former President Joe Biden. “Bye, bye SAB 121! It’s not been fun,” SEC ...

He claimed that repealing SAB-121 would have undermined the SEC's effectiveness as a financial regulator. Magazine: Godzilla vs. Kong: SEC faces fierce battle against crypto’s legal firepower ...