American Bankers Association Urges Biden to Revoke SAB 121 Preventing Investors from Being Limited to Less Regulated Cryptocurrency Platforms

The American Bankers Association has stated 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 input from prudential regulators. This 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 digital assets held in custody for users on their balance sheets.