American Bankers Association Biden Urged to Repeal SAB 121 Dont Force Investors to Choose Lower Regulated Cryptocurrency Platforms
The American Bankers Association stated that in March 2022, the SEC’s Office of the Chief Accountant issued Staff Accounting Bulletin (SAB) No. 121 without prior consultation or public comment with prudential regulatory agencies. The bulletin aims to address the risks faced by public trading companies in safeguarding digital assets for their customers. SAB 121 requires listed companies to record the fair value of user-held digital assets on their balance sheets.
