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SEC Rescinds SAB 121, Paving the Way for Crypto Custody and Regulation in 2025
SEC Rescinds SAB 121, Paving the Way for Crypto Custody and Regulation in 2025
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On January 23, the US Securities and Exchange Commission (SEC) announced the withdrawal of its controversial accounting guidance, Staff Accounting Bulletin 121 (SAB 121). This move has been praised by industry leaders and pro-crypto politicians, who have criticized the Biden administration's stringent regulatory approach to digital currencies. The SEC introduced Staff Accounting Bulletin No. 122 to replace the prior guidance, marking a significant shift in the regulatory landscape for cryptocurrencies in the United States. This change is expected to facilitate clearer paths for crypto custody and regulation by 2025.
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