The US Securities and Exchange Commission (SEC) has officially withdrawn Staff Accounting Bulletin No. 121 (SAB 121), a crypto accounting rule introduced in 2022, just days after SEC Chair Gary Gensler stepped down.

The U.S. Securities and Exchange Commission has repealed Staff Accounting Bulletin ("SAB") No. 121, which required banks and other publicly-traded companies to account for customers' crypto assets on their balance sheets,

SEC revises crypto custody accounting policy with SAB 122, offering banks flexibility in reporting liabilities for safeguarding assets.

The SEC has replaced its strict crypto custody accounting rule SAB 121 with more flexible guidance under SAB 122, allowing banks to use standard accounting principles for digital assets and potentially expanding their ability to offer crypto custody services.

US SEC rescinds SAB 121, allowing banks more flexibility in crypto custody, with industry support and bipartisan praise

On January 23, the US Securities and Exchange Commission (SEC) announced that it had withdrawn its controversial accounting guidance, Staff Accounting Bulletin 121 (SAB 121).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,