SEC Revokes SAB 121, Allows Banks to Custody Bitcoin | Airdrop Alert Pro

SEC announced the employee accounting announcement (SAB) No. 122 and canceled the previous guide of SAB 121, which prevented the bank from being detained Bitcoin.

This means that banks and traditional financial institutions can now provide encrypted services without need to conduct major regulatory obstacles.

Bank of America can monitor Bitcoin

SAB 121 needs a company Hold encrypted assets for customers (such as communication) to recognize the assets and responsibilities on the balance sheet.

Now, the company can evaluate the obligations of these assets in different ways through responsibility (such as potential losses caused by theft or fraud).

“Goodbye, goodbye SAB 121! This is not interesting | Employee Accounting Announcement No. 122,” SEC Commissioner Hester Peirce Write On X (previously Twitter).

in short SAB 122 Delete the bank to record the strict requirements of the encrypted resources (such as Bitcoin) held by the customer as the balance sheet.

This change simplifies compliance and reduces financial burden and capital requirements related to cryptocurrencies under the storage of cryptocurrencies.

“Even if you don’t need an administrative order! Thank you Herster Peirce and Chairman Uyeda! This is the correct decision of IMO,” Write ETF analyst James SEYFFART.

Overall, new guidance allows more Banks that provide Bitcoin monitoring services Safe and feasible, so that they can only consider potential losses as or responsible.

In essence, banks can now retain and protect cryptocurrencies for their customers when they think they are suitable. The company can freely decide whether to recognize the risk of protection and how to measure risks.

U.S. encrypted regulations are being transferred

The encrypted community has been pleased with this news. For many years, Bank of America has always wanted to monitor Bitcoin, but not. Microslategy’s Michael Saylor shared His excitement on social media.

As early as May 2024, the House of Representatives and the Senate passed a resolution that abolished the SAB 121. President Joe Biden rejected the resolutionEssence

The decision is to establish one in the SEC Crypto special forces led by Hester Peirce yesterday. The government today issued a wave of pro -Wright announcements.

Earlier, President Trump signed the first one Administrative command related to encryptionIt is recommended that the United States establish digital asset inventory.

Overall, it seems American encryption supervision space Finally changed, Encryption company Major growth may be seen in the country.