PK Press Club – The Securities and Exchange Commission, under the new management chosen by President Donald Trump, announced the withdrawal of a controversial framework which described the requirements of strict disclosure for financial companies holding Crypto.
The staff accounting bulletin issued by the SEC (SAB) 122, which cancels SAB 121 and allows financial institutions that hold the crypto in the name of their customers to determine whether to declare the digital assets held as responsibility.
Sab 121 required suppliers and police custody to treat customer assets as an asset and as passive, the latter being based on high risk associated with the holding of crypto.
But that was a major point of collision for cryptographic companies, which had opposed the bulletin because of its alleged complication of accounting practices, which also served to prevent companies from holding the crypto. SAB 121- which was implemented in 2022 – was also canceled by the congress, but was kept in place by a veto by the former president Joe Biden.
“Bye, Bye Sab 121!” It is not fun, “said the SEC commissioner, Hester Peirce, in an article on social networks.
The cancellation of SAB 121- which comes under the president of the SEC, Mark Uyeda, reflects the more friendly position of Trump towards digital assets, which the president had praised during his campaign.
Uyeda also publicly opposed Sab 121 during the mandate of the former SEC president, Gary Gensler. GENSLER – Who had made a position largely motivated by the law on the crypto -sailing of the dry earlier this week.
The dry earlier this week announced the training of a working group aimed at helping to shed light on the regulation of cryptography. Trump also signed an executive decree calling for the training of a national reserve of digital assets, although he did not explicitly mention.
