The US Securities and Exchange Commission issued a new employee accounting announcement on Thursday, withdrawing the controversial SAB 121.
SAB 121 indicates that banks and other listed companies must marked encrypted assets of any customer on their own balance sheets. SAB 122 The “abolition of interpretation guidelines” is to indicate that the company uses the rules of the financial accounting standard committee or the terms of the international accounting standards.
The notice on Thursday states: “The staff reminds the entity that they should continue to consider the existing disclosure requirements so that investors understand the obligation of encrypted assets held by others to protect others.”
Its guideline SAB 121 was supported by former SEC chairman Gary Gensler, who said the guide would protect investors during bankruptcy.
He told us: “We found it again and again in the bankruptcy court again and again. In fact, the bankruptcy court has said that encrypted assets do not mean bankruptcy.” Reuters 2023.
However, the SAB 121 caused the anger of most people in the cryptocurrency industry, and is the theme of the “Congress Review Act” passed by the House of Representatives and the Senate, although the resolution Veto Former President Joe Biden.
Hester Peirce Recently named Members of the New Tarcoman Special Working Group have been opposed to the guide for a long time, and after passing through the guide in 2022, the guide did not consider how the SEC did not publish any guidelines for cryptocurrencies, and the accounting announcement may not be correct The guideline type contained in the tool SAB 121.
Pierce announced his withdrawal on Thursday.
Update (World Standard Time, January 24, 2024 00:00): Add extra details.
Update (World Standard time January 24:27): Change the title to measuring financial reports, not tax accounting.
