SEC’s Shift Opens New Doors for Cryptocurrency Services – BitRss

Under the Biden administration, the SEC and other regulatory bodies have advanced a negative stance towards cryptocurrencies, supported by centralized governance. This has led to numerous adverse news reports concerning cryptocurrencies from the US over the years. However, the current situation indicates a notable reversal.

SAB 121 and Its Impacts

Led by Gensler, the SEC has taken specific steps to undermine cryptocurrency operations. One of the most troubling moves has been the introduction of SAB 121. This controversial accounting guideline, known as the SEC’s Staff Accounting Bulletin 121, was announced by Hester in the first week of Trump’s presidency and has since been rescinded.

When this rule was first introduced, traditional accountants were taken aback by SAB 121, with a prominent figure stating that it created an entirely new accounting standard for digital assets, which was beyond the SEC’s authority. Jim Kroeker, the former vice president of the Financial Accounting Standards Board and chief accountant at the SEC, commented: “The SEC staff previously attempted to claim that SAB 121 was consistent with the e…