According to BlockBeats, on July 12, sources revealed that several companies and financial institutions have proposed business requests. The staff of the U.S. Securities and Exchange Commission (SEC) agreed to these requests, allowing them to operate without the constraints of the controversial cryptocurrency accounting guidance.
Since the release of SAB 121 in March 2022, following a large number of bankruptcies in the cryptocurrency industry, companies have been seeking advice from the SEC to develop new policies and procedures related to cryptocurrencies. The sources added that SAB 121 itself has not changed.
An SEC source stated, 'In April 2022, there were many unresolved issues about how the laws on these matters would be introduced. We saw many participants in the crypto industry acting recklessly in providing these services, harming many customers.' The source added that companies have now demonstrated that certain procedures and technologies they have set up allow customers to retrieve their cryptocurrencies in the event of bankruptcy, just like any other asset, such as the U.S. dollar. Therefore, they do not assume the obligations stipulated by SAB 121.