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SEC Commissioner Hester Peirce Says Goodbye to Controversial Crypto Accounting Guidance SAB 121
SEC Commissioner Hester Peirce Says Goodbye to Controversial Crypto Accounting Guidance SAB 121
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The US Securities and Exchange Commission (SEC) has revoked the controversial Staff Accounting Bulletin – SAB 121, days after Gensler’s resignation. The rule, which required banks holding cryptocurrencies to record them as liabilities on their balance sheets, faced widespread criticism. The new SAB, issued on January 23, rescinds the interpretive guidance of SAB 121 and mandates that entities determine liabilities related to safeguarding risks under broader accounting standards. The change is to be implemented retroactively for annual periods starting after December 15, 2024. Vanessa A. Countryman, Secretary of the SEC, confirmed that SAB 122 has officially replaced SAB 121 in the regulatory framework.
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