The U.S. SEC allows certain companies to avoid controversial cryptocurrency accounting announcements
BlockBeats reports that on July 12, according to insiders, some companies and financial institutions have proposed certain business requirements. The staff of the U.S. SEC agreed that these requests would allow them not to be bound by the controversial cryptocurrency accounting guidance.
Since the release of SAB 121 in March 2022, following a large number of bankruptcies in the cryptocurrency industry, various companies have been seeking advice from the SEC to develop new policies and procedures related to cryptocurrencies. Insiders added that SAB 121 itself has not changed.
An insider at the SEC said: "In April 2022, there are many unresolved issues about how laws on these matters will be introduced. We see many participants in the crypto industry being careless when providing these services, harming many customers." The insider added that companies have now demonstrated that certain procedures and technologies they set up allow customers to retrieve their cryptocurrencies like any other asset (such as dollars) during bankruptcy, thus not assuming obligations stipulated by SAB 121.
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