On Thursday, the U.S. Securities and Exchange Commission (SEC) rescinded Staff Accounting Bulletin (SAB) No. 121, signaling a shift in its approach to regulating crypto-assets under Commissioner Hester Peirce, who now heads the agency's newly formed crypto task force.

Introduced in March 2022, SAB 121 required companies to record a liability and a corresponding asset for crypto-assets held on behalf of users. 

Critics, including Peirce, argued that the guidance added unnecessary complexity and created an uneven playing field for crypto platforms.

Under the revised framework, companies will now evaluate obligations to safeguard crypto-assets using broader accounting standards, such as U.S. GAAP contingency rules and IFRS guidelines. 

The changes are retroactive for fiscal years beginning after December 15, 2024, with early adoption allowed.

That move alone could mark the beginning of a new chapter for crypto in the United States, Blockchain Association’s Kristin Smith, previously told Decrypt.

“It really opens up a whole new market,” she said at the time.

Even though Bitcoin and Ethereum spot ETFs are currently trading on Wall Street, an abundance of yellow tape and crypto-related anxieties have kept most U.S. investors and businesses on the sidelines.

Peirce, a vocal advocate for clearer crypto regulation, has emphasized collaboration and practical solutions in her new role. 

Her task force aims to reduce reliance on enforcement-led tactics, which were a hallmark of former SEC Chair Gary Gensler’s tenure.

The SEC reiterated the need for companies to provide transparent disclosures to investors under existing rules as it adjusts its regulatory posture toward crypto.

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