The SEC issued Staff Accounting Bulletin 122 (SAB 122), rescinding Staff Accounting Bulletin 121 (SAB 121), under which the SEC had recommended that an obligation to safeguard crypto assets held for platform users should be presented as a liability on the balance sheet of the entity that is responsible for safeguarding the assets. Crypto and digital asset industry groups have asserted that SAB 121 has prevented the banking sector from providing crypto platforms and other entities necessary banking services.
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SEC Rescinds Staff Accounting Bulletin 121 (SAB 121) on Crypto Custody Accounting
