The US SEC has officially revoked the crypto accounting policy SAB 121

01-24

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According to the ChainCatcher message, the U.S. Securities and Exchange Commission (SEC) has announced the withdrawal of the crypto accounting policy SAB 121 in the latest release of Staff Accounting Bulletin No. 122.

The document rescinds the interpretive guidance contained in Topic 5.FF, titled "Accounting for an Entity's Obligation to Safeguard Crypto Assets Held for its Platform Users." Entities should rescind Topic 5.FF on a fully retrospective basis for annual periods beginning after December 15, 2024.

Additionally, the SEC emphasizes that entities should continue to disclose risks related to the custody of crypto assets based on existing regulations.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.

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