The American Bankers Association stated that in March 2022, the Securities and Exchange Commission’s Office of the Chief Accountant issued Staff Accounting Bulletin (SAB) No. 121 without prior consultation or public input from regulatory agencies. 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.
American Bankers Association Urges Biden to Repeal SAB 121 and Avoid Limiting Investors to LowRegulated Cryptocurrency Platforms
No Comments1 Min Read