The U.S. Securities and Exchange Commission (SEC) has officially rescinded Staff Accounting Bulletin 121 (SAB 121), which has been controversial, by applying the new SAB 122 policy. This development means that mainstream financial institutions in the United States can now hold cryptocurrencies.
According to the latest news, financial institutions must now disclose risks and obligations related to the protection of digital assets. Although early implementation is allowed, these changes will be retroactively applied for previous fiscal years.
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SEC Recalls SAB 121, Opening the Way for Banks Holding Electronic Money
The U.S. Securities and Exchange Commission (SEC) has officially rescinded Staff Accounting Bulletin 121 (SAB 121), which has been controversial, by applying the new SAB 122 policy. This development means that mainstream financial institutions in the United States can now hold cryptocurrencies. According to the latest news, financial institutions must now disclose risks and obligations related to the protection of digital assets. Although early implementation is allowed, these changes will be retroactively applied for previous fiscal years.