🆘🚨 Exception for banks and financial institutions in complying with SAB121 🆘🚨
The SEC is making an exception for SAB121, allowing some exceptions to crypto accounting compliance. The SEC staff has begun providing guidance that certain arrangements may not require balance sheet liability reporting under SAB121. This means that financial institutions will be able to store crypto more easily.
To qualify for this exception, a financial institution must request and work with the SEC staff. The SEC still holds the power to grant exceptions, but this is still a sign that it is taking a step back in the face of pressure from Congress.
Although the vote to override the veto failed, it still showed that a majority of lawmakers support banks holding crypto.
