Staff Accounting Bulletin No. 121 - SEC.gov
Mar 31, 2022 · 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.
SEC rescinds SAB 121 - kpmg.com
On January 23, 2025, the SEC issued Staff Accounting Bulletin No. 122 (SAB 122), which rescinds the interpretive guidance included in SAB 121. This decision comes after extensive feedback from stakeholders, including major banks and cryptocurrency firms, and has significant implications for companies involved in safeguarding digital assets.
SEC Rescinds SAB 121, Permitting Banks to Custody Bitcoin
1 day ago · The SEC's move to rescind SAB 121 comes just days after Gensler's resignation and marks the start of a new era under Republican leadership. Acting SEC Chair Mark Uyeda, who assumed the role on Monday, quickly announced the formation of a crypto task force led by Peirce to craft clearer and more practical regulatory frameworks for the industry. "To date, the …
SAB 121 Repealed: What This Means for Digital Asset Custody and ...
2 days ago · In a landmark decision for the digital asset industry, the U.S. Securities and Exchange Commission (SEC) has officially repealed Staff Accounting Bulletin No. 121 (SAB 121).The controversial guidance, which required financial institutions to report customer-held digital assets as both “safe guarding assets” and “safe guarding liabilities” on their balance …
US SEC withdraws SAB 121 - Yahoo Finance
1 day ago · The new directive, Staff Accounting Bulletin (SAB) 122, supersedes the previous SAB 121, granting financial institutions discretion in classifying held digital assets as liabilities.
New SAB Topic rescinds SAB 121 for safeguarding customers’ …
3 days ago · SAB 122 is applicable to all reporting entities that are in the scope of SAB 121. The new guidance is effective for annual periods beginning after December 15, 2024 and is required to be applied retrospectively to all prior periods. Early adoption is also permitted, which means that reporting entities that have not filed (or issued) their ...
Biden Vetoes Resolution to Overturn SEC’s SAB 121 Accounting …
Jun 3, 2024 · President Joe Biden has vetoed a resolution aiming to overturn the U.S. Securities and Exchange Commission's (SEC) Staff Accounting Bulletin (SAB) No. 121, a move that has drawn immediate...
Staff Accounting Bulletins - SEC.gov
Staff Accounting Bulletin No. 112: This Staff Accounting Bulletin ("SAB") revises or rescinds portions of the interpretative guidance included in the codification of SABs, called the Staff Accounting Bulletin Series, in order to make the interpretive …
Staff Accounting Bulletin No. 121 - Federal Register
Apr 11, 2022 · 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.
On March 31, the SEC staff released Staff Accounting Bulletin No. 121 (SAB 121), which provides interpretive guidance for a reporting entity that operates a platform that allows its users to transact in crypto-assets and that engages in activities in which it has an obligation to safeguard customers' crypto-assets.
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