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SAB 121 has been rescinded
BANKS WILL NOW OFFER TO HOLD YOUR BITCOIN AND MORE
THIS IS FOR BANKS & Companies that Safeguard Digital Assets are were expected to account for digital assets held in their custody.
The “misguided SAB 121 rule has been rescinded.”
It required financial institutions to list any crypto assets they held on behalf of customers as liabilities on their balance sheets.
It would have prevented American banks from being able to custody crypto exchange-traded products at scale, potentially creating a concentration risk by handing more control over to non-bank entities.
Jan 24, 2025 SAB 121 was rescinded:
Separation of brokerage and custody is the historical model for financial services for good reason, and there’s a high probability it becomes law for Bitcoin in the USA with the likely rollback of SAB121.
The US Securities and Exchange Commission has revoked a rule that discouraged financial firms from holding crypto, by requiring them to record digital assets as liabilities on their balance sheets.
“Bye, bye SAB 121!” SEC Commissioner Hester Peirce, the agency’s crypto task force lead, wrote in a Jan. 23 X post. “It’s not been fun.” Senator Cynthia Lummis added that SAB 121 “was disastrous for the banking industry, and only stunted American innovation and advancement of digital assets.”
SAB 121 has been rescinded, allowing banks to custody Bitcoin.
Staff Accounting Bulletin No. 122
SECURITIES AND EXCHANGE COMMISSION
17 CFR Part 211
[Release No. SAB 1221
Staff Accounting Bulletin NO. 122
AGENCY: Securities and Exchange Commission.
Date: January 23, 2025
Vanessa A. Countryman,
Secretary.
10:06 AM Jan 24, 2025
ECP NetHappenings The U.S. doesn’t need to stockpile digital assets — just bitcoin