Apr 11, 2022 · Staff Accounting Bulletin No. 121. The staff hereby adds Section FF to Topic 5 of the Staff Accounting Bulletin Series. This staff accounting bulletin (“SAB”) adds interpretive guidance for entities to consider when they have obligations to safeguard crypto-assets held for their platform users.

2 days ago · That same day, the SEC staff rescinded SAB 121, issued by the SEC under the Biden administration, a bulletin that required financial companies custodying crypto on behalf of customers to book the assets as liabilities. Since its adoption, SAB 121 had been criticized by supporters of the digital asset economy.

In this article, we cover the SEC's repeal of SAB 121 and its impact on financial reporting for companies safeguarding digital assets. We discuss retrospective application requirements, necessary adjustments for prior financial statements, and the consequential disclosures required under ASC 250.

SAB 121: Mar. 31, 2022: Staff Accounting Bulletin No. 121 This staff accounting bulletin expresses the views of the staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for platform users. Effective Date: April 11, 2022 Rescinded by SAB No. 122. SAB 120: Nov. 24, 2021: Staff Accounting Bulletin No. 120

Jan 28, 2025 · Issued in March 2022, SAB 121 required crypto custodians to record digital assets held for customers as liabilities on their balance sheets. Some industry participants and lawmakers expressed...

Jan 23, 2025 · On Thursday, the U.S. Securities and Exchange Commission (SEC) rescinded Staff Accounting Bulletin (SAB) No. 121, signaling a shift in its approach to regulating crypto-assets under Commissioner Hester Peirce, who now heads the …

Jan 24, 2025 · The U.S. Securities and Exchange Commission (SEC) under Acting Chair Mark Uyeda has officially rescinded Staff Accounting Bulletin 121 (SAB 121), a divisive bulletin that prevented banks from ...

Jan 24, 2025 · The US Securities and Exchange Commission (SEC) has announced the withdrawal of a contentious accounting framework that imposed stringent disclosure requirements on financial firms holding cryptocurrencies on behalf of clients.

Jan 24, 2025 · SAB 121, introduced by the SEC in 2022, mandated that any institution holding digital assets on behalf of customers must: Recognize customer digital assets as both assets and liabilities – Customer-held digital assets had to be reflected on the institution’s balance sheet, impacting capital reserve requirements.

Jul 11, 2024 · In the saga to overturn the SEC's crypto accounting policy – SAB 121 – lawmakers failed to overturn President Joe Biden's veto.