The U.S. SEC has officially rescinded the cryptocurrency accounting policy SAB 121 – ChainCatcher

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

Leave a Comment

Your email address will not be published. Required fields are marked *