US SEC Withdraws SAB 121

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US SEC Rescinds Crypto Accounting Rule SAB

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US SEC Withdraws Controversial SAB

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Business & Economics

US SEC Rescinds Crypto Accounting Rule SAB 121 After Gensler's Exit

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US Securities and Exchange Commission has withdrawn controversial SAB 121 rule on crypto accounting guidance.

Rule required companies that have custody of cryptocurrencies for clients must recognize these crypto-assets as liabilities in their financial statements.

Rule was introduced in the absence of a proper public consultation process and that it was aimed at firms in the digital asset industry specifically.

Hester Peirce , a SEC commissioner and now the head of the agency’s recently created crypto unit, expressed support for the move.

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