ffcrypto

The SEC issued SAB 122, rescinding the interpretive guidance under Topic 5.FF regarding obligations to safeguard crypto-assets held for platform users. This change must be fully retrospectively applied in annual financial statements for periods beginning after December 15, 2024, or may be adopted earlier with required disclosure of the effects of the accounting principle change. Additionally, the SEC emphasizes that entities must disclose risks and obligations related to safeguarding crypto-assets in accordance with existing regulations.