In Lander's decision, the US Securities and Exchange Commission (sec) officially reinstated Staff Accounting Bulletin (SB) No. 121, a controversial rule that had long prevented the offering of bitcoin and crypto escrow services. This move, announced on Thursday, marks a positive shift in the SEC's approach to Bitcoin and cryptocurrency and paves the way for greater financial integration.
BREAKING: 🇺🇸 Officially submit rib 121, which prevented banks from seizure #Bitcoin pic.twitter.com/vcnggkcgml
– Bitcoin magazine (@Bitcoinmagarazine) January 23, 2025
Introduced in March 2022 under the SEC chairman Gary GarySab 121 essential institutions controlling Bitcoin and Crypto Funds to register these holdings as securities on their balance sheets. This accounting level created huge operational and financial burdens for banks and custodians, effectively preventing them from providing services related to Bitcoin. The rule was widely criticized by the Crypto industry, by the SCI Commissioner Peace Hester Peoce Famously calling it an “inspiring herb” in April 2023.
“Bye, byeb 121! It's not fun,” Perce he wrote in a post on X. (formerly Twitter) Thursday, following the release of Staff Accounting Bulletin Number 32, which formally issues the guidelines.
Move the Select to Terccinded Sab 121 Coming just one day after Gegesler gave up and marks the beginning of a new era under Republican leadership. ACCEPTING ACCEPTING ACCEPTING ACCEPTING ACCEPTING ACCEPTING ACCEPTING ACCEPTING ACCEPTING ACCEPTING ACCEPTING ACCEPTING hastily mentioned The creation of the Crypto Task Force led by Pirce to clearer trades and more practical regulatory frameworks for the industry.
“Until now, the SEC has always been on enforcement actions to regularly regulate Crypto and often adopted novel Trades or legal or undeveloped Meta-Definitions along the way,” identify the group In a statement Tuesday.
With the removal of 121, it is expected that the major banks will now move quickly to incorporate the services of the capture of tartan into their arts. This is an important milestone in bitcoin finance, including so far on mainstream adoption.
