xx on Nostr: 3 days ago Staff Accounting Bulletin 122 was rescinded. Just seeing this rescission ...
3 days ago Staff Accounting Bulletin 122 was rescinded.
Just seeing this rescission will probably open some minds up at banks to custody, which may mean more on/off ramps to/from fiat for everyone, KYC’d of course and not your keys.
I don’t know how I feel, seems logical given how things are going.
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Some tldr stuff:
SEC Bulletin 122 (March 2022) advised entities to record custodied crypto-assets as liabilities and make a slew of risky sounding related disclosures —like potential reputational harm, customer loss and litigation. Reasons given: holding crypto keys is very risky from a technical, legal and regulatory pov.
Now that this is gone, it means that there’s more clarity regarding actual risks (ie, risks are likely seen as lower now) and that there’s more legal precedent surrounding crypto custody. Basically, custody does not seem as scary as it was 2.5 years ago.
links:
- Rescission: https://www.sec.gov/rules-regulations/staff-guidance/staff-accounting-bulletins/staff-accounting-bulletin-122
- Bulletin 121: https://www.sec.gov/regulation/staff-interpretations/accounting-bulletins/old/staff-accounting-bulletin-121
Just seeing this rescission will probably open some minds up at banks to custody, which may mean more on/off ramps to/from fiat for everyone, KYC’d of course and not your keys.
I don’t know how I feel, seems logical given how things are going.
—
Some tldr stuff:
SEC Bulletin 122 (March 2022) advised entities to record custodied crypto-assets as liabilities and make a slew of risky sounding related disclosures —like potential reputational harm, customer loss and litigation. Reasons given: holding crypto keys is very risky from a technical, legal and regulatory pov.
Now that this is gone, it means that there’s more clarity regarding actual risks (ie, risks are likely seen as lower now) and that there’s more legal precedent surrounding crypto custody. Basically, custody does not seem as scary as it was 2.5 years ago.
links:
- Rescission: https://www.sec.gov/rules-regulations/staff-guidance/staff-accounting-bulletins/staff-accounting-bulletin-122
- Bulletin 121: https://www.sec.gov/regulation/staff-interpretations/accounting-bulletins/old/staff-accounting-bulletin-121