In A landmark U.S. Securities You can also find out more about the following: Exchange Commission Officially, the (SEC). Staff Accounting Bulletin (SAB) No. 121 is a controversial regulation that has long prevented banks from offering custody services for bitcoins and other cryptocurrencies. This Move announced Thursday, signals a significant shift You can also find out more about the following: the SEC's approach to regulating bitcoin and crypto and paves the way for greater financial integration.
Introduced in March 2022 under former SEC Chair Gary GenslerSAB 121 requires institutions that hold bitcoins and other cryptoassets for their customers to report those assets as liabilities in the balance sheet. This Accounting standard created substantial operational and financial costs for banks, which effectively dissuaded them from offering services related to bitcoin. The The crypto industry, as well as lawmakers and regulators, have criticized the rule. Commissioner Hester Peirce It is a popular term for describing the phenomenon. "pernicious weed" You can also find out more about the following: April 2023.
"Bye, bye SAB 121! It's not been fun," Peirce Posted a message on X Twitter( ) Thursday, following the SEC's issuance of Staff Accounting Bulletin No. The guidance is formally repealed by 122.
The SEC's move to rescind SAB 121 comes just days after Gensler's resignation and marks the start of a new era under Republican leadership. Acting SEC Chair Mark UyedaWho assumed the role of on MondayThe announcement was made by a task force headed up by Peirce To create clearer, more effective regulatory frameworks.
"To date, the SEC has relied primarily on enforcement actions to regulate crypto retroactively and reactively, often adopting novel and untested legal interpretations along the way," In a recent statement, the agency confirmed that it was aware of this. Tuesday.
With After the repeal of SAB-121, it is expected that major banks will move quickly to incorporate bitcoin and cryptocurrency custody services in their offering. This This is an important milestone for the financialization and mainstream acceptance of Bitcoin.
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