Eleanor Terrett (@EleanorTerrett): 🚨SCOOP: The rollback of the @SECGov’s controversial accounting guidance, known as Staff Accounting Bulletin (SAB) 121, has been a welcome move for the…
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🚨SCOOP: The rollback of the @SECGov’s controversial accounting guidance, known as Staff Accounting Bulletin (SAB) 121, has been a welcome move for the U.S. crypto and banking industries, as it’s cleared a major hurdle that made it harder for U.S. banks to take custody of digital assets. Crypto industry players and bankers alike say SAB 121 was an attempt by the Gensler-led SEC to keep traditional banks out of the #crypto business as part of the Biden Administration’s sweeping attempts to stifle the industry through stringent regulatory policies. But traditional accountants were also baffled by SAB 121, with one prominent player saying the rules created an entirely new accounting standard for digital assets, a move that was clearly outside the SEC’s mandate.