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JUST IN: U.S. SEC rescinds Staff Accounting Bulletin 121

The controversial SAB 121 guidance imposed strict accounting requirements on firms seeking to custody digital assets on behalf of customers, requiring them to list 'digital assets' as liabilities. This potentially paves the way for U.S. financial institutions to custody bitcoin and other cryptocurrencies.

Source: https://www.sec.gov/rules-regulations/staff-guidance/staff-accounting-bulletins/staff-accounting-bulletin-122

protozoan numbness 11mo ago

121 and 122 are not the same number.

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Discussion

EZ 11mo ago

122 rescinds 121

protozoan numbness 11mo ago

So 121 doesn't need to be mentioned directly?

EZ 11mo ago

it does

1GLENCo 11mo ago

"Amend the table in Subpart B by deleting the entry for Staff Accounting Bulletin No. 121 and adding an entry for Staff Accounting Bulletin No. 122 at the end of the table" per https://archive.ph/mkjfa#selection-1877.0-1877.189

protozoan numbness 11mo ago

Awesome, thanks.