SEC Cancels Rule Requiring Crypto as Liabilities on Balance Sheets
The Securities and Exchange Commission (SEC) has revoked a rule that mandated financial firms to list cryptocurrencies as liabilities on their balance sheets. The new Staff Accounting Bulletin issued on Jan. 23 nullified the interpretive guidance of SAB 121, a rule from March 2022 that the crypto industry had been opposing. SEC Commissioner Hester Peirce celebrated the decision, stating that it was a relief to see SAB 121 gone. The initial rule had required financial institutions to report crypto assets as liabilities, causing concerns within the industry about operational challenges. Lawmakers like French Hill and Cynthia Lummis welcomed the repeal, highlighting the negative impact it had on the banking sector and innovation in digital assets. The cancellation of SAB 121, a move initiated during the Trump administration, signifies a shift in regulatory approach towards cryptocurrencies.
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