SEC Withdraws Controversial Crypto Tax Accounting Bulletin

The U.S. Securities and Exchange Commission published a new Staff Accounting Bulletin Thursday withdrawing its controversial SAB 121.

SAB 121 directed banks and other public companies that they had to mark any customers’ crypto assets on their own balance sheets. SAB 122 “rescinds the interpretive guidance” and instead directs firms to use Financial Accounting Standards Board rules or International Accounting Standard provisions.