The U.S. Securities and Exchange Commission (SEC) has withdrawn its Staff Accounting Bulletin SAB 121, which mandated that banks and other public companies record customer crypto assets on their balance sheets. The newly published SAB 122 rescinds this requirement and instructs firms to follow guidelines from the Financial Accounting Standards Board or international accounting standards instead. This change reflects a shift in regulatory approach toward the treatment of cryptocurrencies in financial statements. Nikhilesh De, a CoinDesk managing editor, reported on this development, highlighting the implications it may have for those holding crypto assets. De is recognized for his expertise in digital asset policy and regulation.

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