TechFlow news, on January 24, the U.S. Securities and Exchange Commission (SEC) released SAB 122, officially rescinding SAB 121, which had previously hindered banks from custodizing cryptocurrencies.
Cynthia Lummis, chair of the Senate Banking Committee's Digital Assets Subcommittee and sponsor of the Bitcoin Strategic Reserve Act, welcomed the move, stating that SAB 121 had caused catastrophic effects on the banking industry and stifled innovation.
SAB 121 was guidance issued by the SEC in 2022 requiring entities regulated by the SEC to record crypto assets on their balance sheets and disclose associated risks.
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