The U.S. SEC has officially rescinded the cryptocurrency accounting policy SAB 121

2025-01-24 07:57:10

Collection

ChainCatcher news, according to the official website, the U.S. Securities and Exchange Commission (SEC) announced the withdrawal of the cryptocurrency accounting policy SAB 121 in its latest employee accounting announcement 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 Platform Users." Entities should fully retroactively withdraw Topic 5.FF in annual periods beginning after December 15, 2024.

Additionally, the SEC emphasized that entities remain obligated to disclose risks related to the custody of crypto assets in accordance with existing regulations.

(Source Link)

Related tags

U.S. SEC SAB 121

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.

U.S. Cryptocurrency Legislation and Policy Trends

The U.S. Congress is reviewing several bills related to cryptocurrency, aimed at clarifying the legal status and regulatory framework of cryptocurrencies. Meanwhile, regulatory agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are also actively issuing guidance and regulatory measures to ensure the transparency and legality of the cryptocurrency market. This topic will track these developments.

Topic or theme