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The post SEC repeals SAB 121: banks are free to hold digital assets appeared first on Atlas21.
SEC repeals SAB 121: banks are now free to hold digital assets SAB 121 was a rule introduced by former SEC Chairman Gary Gensler that required companies holding cryptocurrencies (such as banks and exchanges) to report those assets as "liabilities" on their balance sheets.
The rule required them to do so. For example, if a bank managed $1 million worth of bitcoins for its customers, it had to have $1 million in cash reserves. This requirement made it prohibitively expensive and difficult for tra