The American Bankers Association has 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 input from regulatory agencies. This 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 Urge Biden to Revoke SAB 121 Dont Limit Investors to LowRegulated Cryptocurrency Platforms
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