Magazine

SEC Rescinds SAB 121, Permitting Banks to Custody Bitcoin


In a landmark decision, the U.S. Securities and Exchange Commission (SEC) has officially rescinded Staff Accounting Bulletin (SAB) No. 121, a controversial rule that had long hindered banks from offering bitcoin and crypto custody services. This move, announced on Thursday, signals a significant shift in the SEC’s approach to regulating bitcoin and crypto and paves the way for greater financial integration.

Introduced in March 2022 under former SEC Chair Gary Gensler, SAB 121 required institutions holding bitcoin and crypto assets for customers to record those holdings as liabilities on their balance sheets. This accounting standard created significant operational and financial burdens for banks and custodians, effectively discouraging them from providing bitcoin-related services. The rule was widely criticized by the crypto industry and lawmakers, with SEC Commissioner Hester Peirce famously calling it a “pernicious weed” in April 2023.

“Bye, bye SAB 121! It’s not been fun,” Peirce wrote in a post on X (formerly Twitter) on Thursday, following the SEC’s issuance of Staff Accounting Bulletin No. 122, which formally rescinds the guidance.

The SEC’s move to rescind SAB 121 comes just days after Gensler’s resignation and marks the start of a new era under Republican leadership. Acting SEC Chair Mark Uyeda, who assumed the role on Monday, quickly announced the formation of a crypto task force led by Peirce to craft clearer and more practical regulatory frameworks for the industry.

“To date, the SEC has relied primarily on enforcement actions to regulate crypto retroactively and reactively, often adopting novel and untested legal interpretations along the way,” the agency acknowledged in a statement on Tuesday.

With the removal of SAB 121, major banks are now expected to move swiftly to integrate bitcoin and crypto custody services into their offerings. This is a significant milestone in the financialization of bitcoin, bringing it closer to mainstream adoption. 




Source link

Back to top button

Sweet Bonanza

Baccarat Online

Lucky Neko

Slot88

Slot777

Slot Bet 100

Slot777

Slot777

slot bonus

slot gacor gampang menang

sbobet88

sbobet88

daftar slot777

sbobet88

slot starlight princess

sbobet88

slot777 gacor

slot gacor

slot joker123

pragmatic play

bonus new member

slot gacor

pragmatic play

slot deposit qris

Slot777

Slot777

Slot777

Slot88

slot gacor

ARES GACOR

Slot Gacor

GADUNSLOT

sbobet

slot bonus

pragmatic

slot777

pragmatic

pragmatic

pragmatic

sbobet

sbobet

gates of gatotkaca

joker123

slot bonus

slot bet kecil

pragmatic play

slot bet kecil

joker123

Joker123

https://sbobet-gadunslot.matthewwilliamson.com/products/sbobet

https://sbobet-gadunslot.thebotanist.com/products/sbobet-daftar

https://tutordong-garansikekalahan.wonhundred.com/products/slot-garansi-kekalahan-100

https://gadunslot-pastirankslot88.zacbrownband.com/products/slot88-agen-situs-judi-slot-online-terpercaya-no-1

https://sl0t-thailand-gadunslot-gacor.eightoclock.com/products/slot-server-thailand/

https://slottt-thailand.gds.eightoclock.com/products/slot-thailand

https://slotresmi-gadunslot.matthewwilliamson.com/products/slot-resmi

Adblock Detected

Please consider supporting us by disabling your ad blocker