💨 Abstract

The U.S. Securities and Exchange Commission (SEC) has rescinded a controversial accounting guidance opposed by the cryptocurrency industry, known as Staff Accounting Bulletin 121. This move, made under President Donald Trump, was seen as a shift away from the previous administration's policies and a victory for the crypto sector. The guidance, which required companies holding digital assets on behalf of others to account for them as liabilities, is no longer in effect.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖