welcome
CoinGape

CoinGape

Business

Business & Economics

US SEC Rescinds Crypto Accounting Rule SAB 121 After Gensler's Exit

CoinGape
Summary
Nutrition label

73% Informative

US Securities and Exchange Commission has withdrawn controversial SAB 121 rule on crypto accounting guidance.

Rule required companies that have custody of cryptocurrencies for clients must recognize these crypto-assets as liabilities in their financial statements.

Rule was introduced in the absence of a proper public consultation process and that it was aimed at firms in the digital asset industry specifically.

Hester Peirce , a SEC commissioner and now the head of the agency’s recently created crypto unit, expressed support for the move.

- SHIB Burn Rate Soars 600% ; What’s Next for Shiba Inu Price? - Bitcoin Might Crash Under $ 100k , But These 3 Altcoins Can Earn You Profit! - Cardano Price Forms Risky Pattern , Pointing to a 20% ADA Crash .

VR Score

64

Informative language

58

Neutral language

44

Article tone

formal

Language

English

Language complexity

56

Offensive language

not offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

short-lived

Affiliate links

no affiliate links