Days after Gensler leaves, SEC rescinds controversial crypto accounting guidance SAB 121

- The SEC has rescinded the controversial crypto accounting guidance known as SAB 121, following the resignation of former Chair Gary Gensler.

- SAB 121 required firms that hold cryptocurrencies to list customer holdings as liabilities on their balance sheets, a move criticized by the crypto industry and some lawmakers.

- SEC Commissioner Hester Peirce celebrated the rescission on social media, indicating a shift in regulatory approach towards crypto.

- Previous attempts by lawmakers to repeal SAB 121 were vetoed by then-President Biden, highlighting the contentious nature of the guidance.

https://www.theblock.co/post/336761/days-after-gensler-leaves-sec-rescinds-controversial-crypto-accounting-guidance-sab-121