The US SEC officially revoked the SAB-121 rule that prevented banks from custodial cryptocurrencies

Odaily News Information on the SEC’s official website shows that the agency has issued SAB-122, officially revoking the SAB-121 rule that prevents banks from custodial cryptocurrencies.
It is reported that Staff Accounting Bulletin No. 121 (SAB-121) is a guidance issued by the U.S. SEC in 2022, requiring companies holding cryptocurrencies to record these assets on their balance sheets and disclose related risks. The announcement applies to all SEC-regulated entities, especially banks and financial institutions, and may result in them facing higher capital requirements, thereby affecting their ability to provide cryptocurrency custody services.