SEC repeals controversial cryptocurrency asset accounting rule 👀 

The SEC has repealed SAB 121, a controversial cryptocurrency accounting rule introduced in March 2022 that required financial firms to account for clients' crypto assets as liabilities.

Experts note that the rule "has been holding back innovation and the development of digital assets in the United States." A bill to repeal the rule initially received bipartisan support, but former US President Joe Biden vetoed it in 2024.
The repeal of SAB 121 was a major step that was supported by many in the crypto industry and lawmakers.

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