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SEC Cancels Controversial SAB 121 Rule on Crypto Accounting
SEC Cancels Controversial SAB 121 Rule on Crypto Accounting
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The U.S. Securities and Exchange Commission (SEC) has rescinded its contentious rule requiring financial firms to classify cryptocurrency holdings as liabilities on their balance sheets. This decision, announced in a January 23 Staff Accounting Bulletin (SAB), marks a significant shift in the SEC's approach to crypto regulation, following the departure of former Chair Gary Gensler. Introduced in March 2022, SAB 121 faced strong opposition from the crypto sector, which argued that it would complicate the management of digital assets and create unnecessary administrative burdens. Over the past year, the rule has been widely criticized for adding complexities to the management of cryptocurrencies.
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