SEC Cancels SAB 121 Causing Controversy, Loosening Electronic Money Deposit Rules

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The U.S. Securities and Exchange Commission (SEC) has officially rescinded Staff Accounting Bulletin (SAB) 121, a controversial rule requiring financial companies holding cryptocurrencies for customers to classify those assets as liabilities on their balance sheets. The move, announced in a new bulletin on January 23, has been lauded by industry leaders and lawmakers as a step towards reducing legal barriers to the use of cryptocurrencies.

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