American Bankers Association Urges Biden to Repeal SAB 121 Preventing Investors from Being Limited to LessRegulated 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 seeking public input from regulatory authorities. 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.
