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US securities regulator opens door for Wall Street banks to hold crypto

The U.S. Securities and Exchange Commission has rescinded an accounting rule that forced banks to treat bitcoin and other crypto assets as liabilities on their balance sheets.
The overturned rule, known as Staff Accounting Bulletin 121 or SAB 121, was introduced in 2022 and subjected digital assets to strict capital requirements, deterring banks from holding crypto.
The SEC's decision to revoke the rule comes after years of lobbying by the crypto industry and could lead to expanded digital offerings from Wall Street banks.

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Financial Times

US securities regulator opens door for Wall Street banks to hold crypto

Securities and Exchange Commission overturns guidance that made it costly to hold digital assets for clients

29 days ago·London, United Kingdom

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financialbuzz.com

SEC Rescinds Controversial Rule on Crypto Assets

The U.S. Securities and Exchange Commission (SEC) has rescinded a controversial accounting rule that required banks to treat bitcoin and other cryptocurrencies as liabilities on their balance sheets. Staff Accounting Bulletin 121 (SAB 121), introduced in 2022, imposed stringent capital requirements on digital assets, significantly increasing the financial and regulatory burden for financial institutions offering crypto custody services. This, in…

29 days ago

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Startups News | Tech News

SEC revokes controversial rule SAB 121, paving way for Wall Street’s bitcoin and crypto adoption - Tech Startups

The U.S. Securities and Exchange Commission (SEC) has officially repealed SAB 121, an accounting rule introduced in 2022 that required banks to classify bitcoin and other cryptocurrencies as liabilities on their balance sheets, according to a public notice posted on […] The post SEC revokes controversial rule SAB 121, paving way for Wall Street’s bitcoin and crypto adoption first appeared on Tech Startups.

29 days ago

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