SAB 121 rescinded: A clear path to crypto custody and regulation in 2025, finally
On January 23, the US Securities and Exchange Commission (SEC) announced that it had withdrawn its controversial accounting guidance, Staff Accounting Bulletin 121 (SAB 121). The move has been lauded by several industry leaders and pro-crypto politicians,
SEC scraps SAB 121 rule, easing crypto custody accounting for banks
SEC revises crypto custody accounting policy with SAB 122, offering banks flexibility in reporting liabilities for safeguarding assets.
SEC rescinds tougher crypto-custody guidance
However, the new administration is seen as more cryptocurrency-friendly. Soon after being named acting chair, Uyeda established a crypto task force, headed by fellow Republican SEC Commissioner Hester Peirce, aimed at “developing a comprehensive and clear regulatory framework” for cryptocurrencies.
SAB 121 rescinded: What it means for crypto custody and regulation in 2025
What was SAB 121? The Staff Accounting Bulletin (SAB) 121 rule was introduced by the SEC in March 2022 as part of its efforts to regulate cryptocurrency custody. It required financial institutions to list any crypto assets they held on behalf of customers as liabilities on their balance sheets.
SEC Rescinds SAB 121, Permitting Banks to Custody Bitcoin
The SEC has rescinded SAB 121, removing barriers for banks to custody Bitcoin and crypto, signaling a major shift in crypto regulation.
SEC repeals SAB 121 accounting rule for crypto financial reporting
The U.S. Securities and Exchange Commission has repealed Staff Accounting Bulletin ("SAB") No. 121, which required banks and other publicly-traded companies to account for customers' crypto assets on their balance sheets,
SEC officially rescinds anti-crypto SAB 121
Today, the Securities and Exchange Commission (SEC) has pulled the plug on Staff Accounting Bulletin No. 121 (SAB 121), a rule that had tied crypto companies in regulatory knots since 2022. This decision,
American Banker1d
Rule blocking banks' custody of crypto is withdrawn
Bankers applauded the news, which means that it's possible for crypto-custody efforts at depository institutions to scale.
JD Supra22h
SEC Clears the Way for Crypto Custody
On January 23, 2025, barely 72 hours after the appointment of Mark Uyeda as the Acting Chairman of the U.S. Securities and Exchange Commission, ...
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Indian police apprehend crypto investment scammers in Maharashtra
According to local reports, Indian police have apprehended suspected cryptocurrency investment scammers in the Maharashtra ...
SEC revokes controversial rule preventing banks from custodying crypto
The SEC revoked the controversial SAB 121 rule, which prevented banks and financial institutions from custodying crypto. The ...
SEC Revokes Biden-Era Crypto Accounting Guidance
Critics of the guidance said it effectively prevented banks from holding digital assets in custody and evaded normal ...
The Daily Hodl3d
Utah Introduces Bill Allowing State Treasurer To Invest Public Funds in Crypto
Utah is considering a new proposal to allow for the creation of a state crypto strategic reserve using public funds. Utah ...