Another development just in which is positive for the wider sector, is the change to rules on custody for Banks in the U.S. with the move by the SEC to retire SAB 121 and replace it with SAB 122.
The US SEC has issued Staff Accounting Bulletin No. 122 (SAB 122), rescinding specific accounting guidance for custodial crypto assets previously addressed in SAB 121. This change provides more accounting flexibility, easing the accounting burden for firms, including regulated banks, considering offering crypto custody services.
By removing the need to record crypto assets as liabilities on their balance sheet, custodial services become a viable option for regulated entities like Banks which opens up options to provide new products and services.
— Crypto Briefing (@Crypto_Briefing) January 24, 2025
This is a very important technical change to promote wider adoption for cryptocurrencies generally, and is in line with the new U.S. administrations stated goal of becoming a global crypto powerhouse.