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US SEC Abolishes 'SAB-121'... Opening the Path for Banks to Enter the Virtual Asset Industry
Doohyun Hwang
- The U.S. SEC has officially announced the abolition of the 'Virtual Asset Custody Accounting Guidance (SAB-121)'.
- The abolition of SAB-121 is expected to resolve regulations that have been blocking banks from entering the virtual asset market.
- With President Donald Trump's virtual asset executive order, the integration of traditional finance and the virtual asset industry is expected to accelerate.
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The U.S. Securities and Exchange Commission (SEC) has officially announced the abolition of the 'Virtual Asset Custody Accounting Guidance (SAB-121)'. It appears that the relaxation of government agency regulations on virtual assets (cryptocurrency) is becoming official.
On the 23rd (local time), the SEC announced the abolition of SAB-121 on its website. SAB-121 is a regulation that required financial companies to record virtual assets entrusted to custodians as liabilities on their balance sheets, which has been pointed out as an obstacle preventing banks from entering the virtual asset market.
Meanwhile, with the abolition of SAB-121 and the signing of a virtual asset executive order by U.S. President Donald Trump, the integration of traditional finance and the virtual asset industry is expected to become more active. The executive order aims to establish a task force to propose regulations and legislation for the virtual asset market.
Doohyun Hwang
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