Coinbase has changed its accounting treatment for customer-held digital tokens, removing them from its balance sheet. This adjustment follows the rescission of the SEC's 2022 Staff Accounting Bulletin No. 121. Despite this change, questions remain regarding the true ownership of these assets in bankruptcy scenarios, as customers might still be considered unsecured creditors.

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This accounting change suggests a shift towards reconciliation with regulatory guidance. However, the uncertainty around customer ownership in bankruptcy scenarios remains a concern, highlighting the need for further clarification.