SIFMA today issued the following statement from SIFMA president and CEO Kenneth E. Bentsen, Jr. on the rescission the SEC’s Staff Accounting Bulletin (SAB) 121:
“SIFMA commends the SEC for the rescission of Staff Accounting Bulletin (SAB) 121. SAB 121 fundamentally changed the way financial institutions are expected to account for the custody of digital assets, and the SEC originally issued the SAB without stakeholder engagement or consultation with the prudential regulators. The rescission will benefit investors, financial markets, and the broader public by restoring the ability of well-regulated financial institutions to provide digital asset custodial services.”
