The SEC revoked the SAB 121 directive, requiring the accounting of client crypto assets on companies' balance sheets, and directed them to follow FASB standards and international accounting rules 📊

The U.S. Securities and Exchange Commission (SEC) revoked the SAB 121 directive, which required banks and public companies to account for client crypto assets on their balance sheets. Instead, they must follow FASB standards or international accounting rules. The SEC also emphasized the importance of disclosing information on the protection of crypto assets held for third parties. This measure has faced criticism from the crypto industry and became the subject of a resolution in the U.S. Congress.