#SECGuidance the U.S. Securities and Exchange Commission (SEC) initiated significant changes in cryptocurrency regulation. Acting Chairman Mark T. Uyeda established a "Crypto Task Force" led by Commissioner Hester Peirce, aiming to develop a comprehensive regulatory framework for crypto assets. This task force seeks to provide clear guidelines, realistic registration pathways, and sensible disclosure requirements, moving away from the previous reliance on enforcement actions.
Currently, the SEC rescinded Staff Accounting Bulletin 121, which had mandated that financial firms classify digital assets as liabilities. The new guidance, Staff Accounting Bulletin 122, aligns with existing loss contingency standards and is expected to encourage traditional custodians to offer digital asset custody services, fostering institutional growth in the crypto market.