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 with or solicitation of public comments from prudential 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 abolish SAB 121 dont limit investors to choosing lowregulated cryptocurrency platforms