TechFlow news: Business practices proposed by some companies and financial institutions have received approval from SEC staff, allowing them to circumvent the controversial SAB 121 crypto accounting guidance.
SAB 121 requires companies that custody cryptocurrency to record customer assets as liabilities. Since its release in 2022, the guidance has sparked controversy. Several companies have demonstrated their procedures and technologies to prove customers can recover their cryptocurrency in bankruptcy, thereby arguing they should be exempt from SAB 121. Although Congress attempted to overturn the guidance, President Biden has vetoed the related resolution.
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