SEC отменя SAB 121 и въвежда по-гъвкави правила за счетоводство на криптоактиви!

Hello, friends!

The U.S. Securities and Exchange Commission (SEC) has announced new guidelines for cryptocurrencies, abolishing the previous rules under SAB 121. With the new SAB 122, banks and companies will now have greater flexibility in accounting and reduced administrative burdens when offering crypto custody services.

SEC Commissioner Hester Peirce shared the news on X, writing: “Bye, bye SAB 121! It’s not been fun.”

What Was SAB 121?

Issued in March 2022, SAB 121 required firms holding crypto assets for clients to record them as liabilities on their balance sheets. This rule faced heavy criticism as it made crypto custody services economically unviable, discouraging many banks from offering such services and limiting secure storage options for users.

What Changes with SAB 122?

Under the new guidelines, banks can treat potential risks associated with crypto custody as contingent liabilities rather than direct losses. This significantly simplifies the process and makes custody services more accessible.

The updated rules will enable more banks and financial institutions to offer custody services for cryptocurrencies like Bitcoin without the fear of excessive financial risks.

Impact for Users: The repeal of SAB 121 and the introduction of SAB 122 are expected to increase the availability of secure crypto custody options, fostering greater participation from traditional financial institutions in the crypto market. This aligns with broader efforts to create a more crypto-friendly regulatory environment, as seen in recent moves by the Trump administration and the SEC’s new crypto task force led by Hester Peirce.

Stay tuned to Altcoins.bg’s blog and social channels for more updates on how these changes might affect your crypto trading and custody options!