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🚨 Old Crypto Guidelines Abandoned !!!

▪️ The US Securities and Exchange Commission (SEC) has eliminated the old and controversial SAB 121 rule that was hurting the crypto industry with the introduction of the new SAB 122.

▪️ What was the old rule?
According to SAB 121, companies that held crypto assets had to record the assets as liabilities on their balance sheets.

👈 This rule made it difficult for banks and financial institutions and considered this rule an obstacle to growth and innovation in the crypto market.

‼️ With the SAB 122 rule:
Companies do not have to record other assets as liabilities.

‼️ Why is this change important?

👈 This change will make it easier for banks and companies to provide crypto custody services and increase innovation in the crypto industry.