{"id":462827,"date":"2025-01-24T10:03:44","date_gmt":"2025-01-24T10:03:44","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=462827"},"modified":"2025-01-24T10:03:44","modified_gmt":"2025-01-24T10:03:44","slug":"ability-for-us-banks-to-custody-bitcoin-opened-up-as-sec-retires-sab-121","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ability-for-us-banks-to-custody-bitcoin-opened-up-as-sec-retires-sab-121\/","title":{"rendered":"Ability for US banks to custody Bitcoin opened up as SEC retires SAB 121"},"content":{"rendered":"

The US Securities and Exchange Commission (SEC) has made a significant policy shift by introducing the Staff Accounting Bulletin (SAB) 122 to replace the highly criticized SAB 121.<\/p>\n

According to a Jan. 23 update<\/a>, this development will resolve regulatory challenges that previously hindered the crypto custody sector.<\/p>\n

SAB 121<\/h2>\n

SAB 121<\/a>, introduced under former SEC Chair Gary Gensler<\/a>, required firms offering crypto custody services to classify customer assets as liabilities on their balance sheets.<\/p>\n

This move was criticized for creating unnecessary complexity and deterring banks and financial institutions from entering the crypto custody market. The policy was widely seen as a roadblock to the broader adoption of digital asset services.<\/p>\n

At the time, efforts to repeal SAB 121 gained bipartisan support<\/a> but faced setbacks. Despite passing in both chambers of Congress, former President Joe Biden<\/a> vetoed<\/a> the repeal bill, and a subsequent attempt to override the veto<\/a> was unsuccessful.<\/p>\n

SAB 122<\/h2>\n

The new SAB 122 effectively rescinds these controversial provisions, offering a more accommodating framework.<\/p>\n

Financial institutions can now adhere to established standards from the Financial Accounting Standards Board (FASB) or other international accounting guidelines.<\/p>\n

The SEC also emphasized the importance of transparency, urging firms to provide disclosures that help investors understand how crypto held on behalf of others is safeguarded.<\/p>\n

According to the bulletin:<\/p>\n

“An entity that has an obligation to safeguard crypto-assets for others should determine whether to recognize a liability related to the risk of loss under such an obligation, and if so, the measurement of such a liability, by applying the recognition and measurement requirements for liabilities arising from contingencies in Financial Accounting Standards Board Accounting Standards Codification.”<\/p><\/blockquote>\n

This policy shift, introduced under President Donald Trump<\/a> and acting SEC Chair Mark Uyeda<\/a>, represents a notable pivot toward fostering a more supportive regulatory environment for digital assets.<\/p>\n

Community welcomes move<\/h2>\n

The introduction of SAB 122 has been welcomed by regulators and the crypto industry stakeholders.<\/p>\n

SEC Commissioner Hester Peirce<\/a>, a long-time advocate for balanced crypto regulation, expressed<\/a> her approval, reflecting the relief felt across the sector.<\/p>\n

US lawmakers have also praised the move. House Financial Services Committee Chair French Hill<\/a> described<\/a> the previous SAB 121 rule as out of sync with standard financial practices, while Senator Cynthia Lummis<\/a> highlighted<\/a> its detrimental impact on innovation and banking.<\/p>\n

Crypto leaders have noted that the removal of SAB 121 will likely influence how companies account for and disclose their custodial obligations.<\/p>\n

Michael Saylor<\/a> of MicroStrategy<\/a> observed that this shift allows banks to offer Bitcoin custody while navigating more straightforward compliance requirements.<\/p>\n

He wrote<\/a>:<\/p>\n

“SAB 121 has been rescinded, allowing banks to custody Bitcoin.”<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

The US Securities and Exchange Commission (SEC) has made a significant policy shift by introducing the Staff Accounting Bulletin (SAB) 122 to replace the highly criticized SAB 121. According to a Jan. 23 update, this development will resolve regulatory challenges that previously hindered the crypto custody sector. SAB 121 SAB 121, introduced under former SEC […]<\/p>\n","protected":false},"author":720,"featured_media":462829,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77968,11],"tags":[79623,79988,74981],"post_folder":[],"acf":[],"yoast_head":"\nAbility for US banks to custody Bitcoin opened up as SEC retires SAB 121<\/title>\n<meta name=\"description\" content=\"With SAB 122, the SEC offers clarity and flexibility, easing restrictions that hindered crypto market growth amid bipartisan support.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ability-for-us-banks-to-custody-bitcoin-opened-up-as-sec-retires-sab-121\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ability for US banks to custody Bitcoin opened up as SEC retires SAB 121\" \/>\n<meta property=\"og:description\" content=\"With SAB 122, the SEC offers clarity and flexibility, easing restrictions that hindered crypto market growth amid bipartisan support.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/ability-for-us-banks-to-custody-bitcoin-opened-up-as-sec-retires-sab-121\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-24T10:03:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/01\/accounting-sab121.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/ability-for-us-banks-to-custody-bitcoin-opened-up-as-sec-retires-sab-121\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/ability-for-us-banks-to-custody-bitcoin-opened-up-as-sec-retires-sab-121\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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