Coin-Turk 21 minutes ago
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The U.S. Securities and Exchange Commission (SEC) has officially repealed the contentious Staff Accounting Bulletin (SAB) No. 121, which previously hindered banks from providing custody services for Bitcoin 
$104,630 and other cryptocurrencies. This decision signifies a notable shift in the SEC’s regulatory approach to Bitcoin and cryptocurrencies, paving the way for increased financial integration.
Changes in Regulation
Introduced in March 2022 during former SEC Chairman Gary Gensler’s tenure, SAB 121 mandated that institutions record customer-held Bitcoin and crypto assets as liabilities on their balance sheets. This accounting standard created significant operational and financial burdens for banks and custodians, effectively preventing them from offering services related to Bitcoin.
The rule faced widespread criticism from the crypto industry and lawmakers. SEC Comm…
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