On January 23, 2025, the U.S. Securities and Exchange Commission (SEC) rescinded Staff Accounting Bulletin (SAB) No. 121, marking a significant regulatory shift in the approach toward crypto-assets under Commissioner Hester Peirce. Introduced in March 2022, SAB 121 required companies to recognize a liability and corresponding asset for crypto assets held for users, which critics, including Peirce, argued complicated the landscape and created an uneven playing field for crypto platforms. The new approach allows companies to assess crypto-safeguarding obligations under broader U.S. GAAP and IFRS standards, retroactive for fiscal years starting after December 15, 2024, with options for early adoption. This change could potentially open up new markets for cryptocurrencies. Peirce's leadership promises a collaborative and practical regulatory environment, moving away from the enforcement-led tactics prevalent during the tenure of former SEC Chair Gary Gensler, while emphasizing the importance of transparent disclosures for investor protection.

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