American Bankers Association Urging Biden to Revoke SAB 121 Preventing Investors from Limited Choices on LowRegulation 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 prudential regulatory authorities or seeking public input. 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 their balance sheets.
