U.S. Securities and Exchange Commission headquarters in Washington. Photo: Diego M. Radzinschi/ALMSEC Revokes Biden-Era Crypto Accounting Guidance
Critics of the guidance said it effectively prevented banks from holding digital assets in custody and evaded normal commission rulemaking. Congress passed a measure repealing the guidance in May but former President Joe Biden vetoed it.
January 24, 2025 at 04:57 PM
3 minute read
The U.S. Securities and Exchange Commission on Thursday rescinded guidance for banks and other entities on how to account for cryptocurrencies, the latest in a series of Trump administration moves aimed at creating a friendly crypto environment in the federal government.
The SEC's Staff Accounting Bulletin 121, long opposed by the crypto industry, had required businesses to classify crypto assets they held on behalf of clients as liabilities on their balance sheets.
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