SEC withdraws the controversial cryptocurrency bulletin

The US Securities and Stock Exchange Committee published a new bulletin to hold employees accountable on Thursday, withdrawing the controversial SAB 121.

SAB 121 has directed banks and other public companies that had to mark the assets of encryption of any customers on their public budgets. SAB 122 “It cancels the interpretative guidance” and instead directs companies to the use of the bases of the Financial Accounting Standards Council or standard international accounting provisions.

On Thursday, the notice said: “The employees state that they should continue to consider the current requirements to provide disclosures that allow investors to understand an entity’s commitment to protect encrypted couples to others.”

The directives returned by, SAB 121, were supported by former SEC president Gary Gensler, who said he would protect investors in bankruptcy.

“What we have already found in the bankruptcy court, again and again, often now, in fact, bankruptcy courts said that the encryption origins are not far away.” Reuters In 2023.

However, SAB 121 acquired a lot of the encryption industry, and was the subject of the decision to review the Congress approved by the House of Representatives and the Senate, despite this decision. It has been moderate By former President Joe Biden.

SEC Hyster Pierce Commissioner, which was It was called the head recently From a new encoding workplace, the guidelines have long been opposed, saying after its adoption in 2022 that the guidance did not explain the SEC’s lack of instructions on how securities laws applied to encryption and that the accounting bulletin may not be the correct car for the type of guidance mentioned in SAB 121.

Pears announced withdrawal on Thursday.

Update (January 24, 2024, 00:00 UTC): He adds additional details.
Update (January 24, 13:27 UTC): The main changes to say measuring financial reports, not tax accounting.