According to BlockBeats, on July 12, some companies and financial institutions have put forward some business requirements, and the U.S. SEC staff agreed that these requirements will allow them to be exempt from the controversial cryptocurrency accounting guidance. Since the release of SAB 121 in March 2022, after a large number of cryptocurrency industry bankruptcies, companies have been seeking advice from the SEC to develop new policies and procedures related to cryptocurrencies.
SEC sources said that in April 2022, there are many unanswered questions about how the law will come into effect on these things, and we have seen many crypto industry players being careless in providing these services, harming many customers. The company has now demonstrated that certain procedures and technology they set up allow customers to withdraw their cryptocurrencies in bankruptcy like any other asset (such as US dollars), and therefore are not subject to obligations under SAB 121.