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Revoked SAB 121 discouraged banks to participate in DeFi potentially stiffening innovation, creating concentration risks and creating barriers for general public to participate in crypto markets

SAB 122 revoked SAB 121, removing the requirement to include customer cryptocurrency funds on balance sheets, reducing administrative burdens, and aligning with standard financial practices

Revoked SAB 121 had particular negative implications for banks as it could make their balance sheet week therefore preventing them to custody crypto products

In January 23, 2025, the SEC issued Staff Accounting Bulletin (SAB) 122, revoking SAB121, which required financial companies to include customer cryptocurrency funds on their balance sheets

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SEC revoked controversial Staff Accounting Bulleting 121

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