American Bankers Association Request for Biden to Revoke SAB 121 Avoiding Investors Being Limited to Choosing LowRegulated Cryptocurrency Platforms
American Bankers Association expressed that in March 2022, the SEC’s Office of the Chief Accountant issued Staff Accounting Bulletin (SAB) No. 121 without prior consultation with or solicitation of public comments from prudential regulatory agencies. The bulletin aims to address the risks faced by publicly traded companies in safeguarding digital assets for their customers. SAB 121 requires listed companies to record the fair value of user-held digital assets on the balance sheet.
