On January 23, the US Securities and Exchange Commission (SEC) announced that it had withdrawn its controversial accounting guidance, Staff Accounting Bulletin 121 (SAB 121). The move has been lauded by several industry leaders and pro-crypto politicians,

The SEC has rescinded SAB 121, removing barriers for banks to custody Bitcoin and crypto, signaling a major shift in crypto regulation.

Today, the Securities and Exchange Commission (SEC) has pulled the plug on Staff Accounting Bulletin No. 121 (SAB 121), a rule that had tied crypto companies

What was SAB 121? The Staff Accounting Bulletin (SAB) 121 rule was introduced by the SEC in March 2022 as part of its efforts to regulate cryptocurrency custody. It required financial institutions to list any crypto assets they held on behalf of customers as liabilities on their balance sheets.