The U.S. SEC has officially revoked the crypto accounting policy SAB 121

PANews reported on January 24 that according to the official website, the U.S. Securities and Exchange Commission (SEC) announced the withdrawal of the crypto accounting policy SAB 121 in the latest Staff Accounting Bulletin No. 122. The document withdraws the interpretive guidance contained in Topic 5.FF, titled “Accounting for the Protection Obligations of Entities Holding Crypto-Assets for Users of Their Platforms.” Entities should withdraw Topic 5.FF on a fully retrospective basis for annual periods beginning after December 15, 2024. In addition, the SEC emphasized that entities should continue to be obligated to disclose risks related to the custody of crypto assets in accordance with existing regulations.