American Bankers Association Urges Biden to Revoke SAB 121 Prevent Investors from Being Limited to Choosing LowRegulated 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 solicitation of public comments from 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 publicly traded companies to record the fair value of user-held digital assets on their balance sheets.
