The SEC has rescinded the controversial cryptocurrency accounting rule SAB 121 that was introduced in March 2022. Its implementation required financial firms to account for clients' cryptocurrency assets as liabilities. The new Staff Accounting Bulletin notice from January 23 has revoked this rule.$TRUMP $JUP $EIGEN

The repeal of SAB 121 was an important step supported by many representatives of the crypto industry and lawmakers. The Chairman of the House Financial Services Committee, French Hill, called the rule "mistaken," noting that it does not align with the standard practice of financial services.

Senator Cynthia Lummis added that the rule "stifled innovation and the development of digital assets in the U.S." Initially, the bill to repeal the rule received bipartisan support, but former President Joe Biden vetoed it in 2024.#TRUMPTokenWatch #BinanceAlphaAlert #CryptoSurge2025 #SEC #SECApprov