The U.S. SEC has officially revoked the Cryptocurrency Accounting Policy SAB 121

PANews reported on January 24th, according to the official website, the U.S. Securities and Exchange Commission (SEC) announced in its latest Staff Accounting Bulletin No. 122 that it has revoked Cryptocurrency Accounting Policy SAB 121. The document revokes interpretive guidance contained in Topic 5.FF titled "Accounting for Obligations of an Entity to Protect Cryptocurrency Held by Its Platform Users". Entities should revoke Topic 5.FF in a fully traceable manner during annual periods beginning after December 15, 2024. In addition, the SEC emphasized that entities should continue to comply with existing regulations and have an obligation to disclose risks associated with cryptocurrency custody.