๐จ *US SEC Rescinds Crypto Accounting Rule SAB 121 After Gary Genslerโs Exit* ๐จ
In a *game-changing move* for the cryptocurrency industry, the *U.S. Securities and Exchange Commission (SEC)* has officially *rescinded* the controversial *SAB 121 accounting rule*, which was originally implemented under the leadership of *Gary Gensler*. The decision marks a *shift in SEC policy* and could pave the way for *easier compliance* for *banks* and other financial institutions, while also encouraging more *innovation* in *digital asset custody*. ๐๐
Hereโs what this major development means for the crypto space moving forward.
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*1. What Was SAB 121?* ๐
- *SAB 121* was an *accounting rule* introduced by the SEC that required *financial institutions* to *report* and *disclose* the *custody* of *crypto assets* as liabilities on their balance sheets. This meant that banks and custodians had to account for *crypto assets* held on behalf of customers as *debt* owed to the customer, which raised concerns about the added regulatory burden. ๐ผโ๏ธ
