The American Bankers Association stated that in March 2022, the SEC’s Office of the Chief Accountant issued Staff Accounting Bulletin (SAB) No. 121 without prior consultation or seeking public comments from regulatory authorities. The bulletin aims to address the risks faced by public trading 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 calls on Biden to abolish SAB 121 urging investors not to be limited to choosing lowregulated cryptocurrency platforms
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