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SEC Replaces SAB 121 with SAB 122; Banks to Custody Bitcoin in 2025
Jan 23, 2025, 11:08 PM
The U.S. Securities and Exchange Commission (SEC) has officially rescinded Staff Accounting Bulletin No. 121 (SAB 121) and issued SAB 122 to replace it. SAB 121 had effectively prevented banks from offering cryptocurrency custody services by requiring them to record customers' crypto assets as liabilities on their balance sheets. The rescission allows banks to custody Bitcoin and other digital assets, easing regulatory burdens and potentially expanding crypto services to a broader customer base. The change is set to be fully retrospectively applied in annual financial statements for periods beginning after December 15, 2024, and entities must now measure liability risks under established accounting rules such as FASB ASC 450-20.
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