U.S. House votes to overturn SAB 121
The House passes a Congressional Review Act resolution to overturn SEC Staff Accounting Bulletin 121.
On May 8, 2024, U.S. House votes to overturn SAB 121. The House passes a Congressional Review Act resolution to overturn SEC Staff Accounting Bulletin 121.
SAB 121 required certain firms safeguarding customers' crypto assets to recognize corresponding assets and liabilities on their balance sheets. The congressional fight therefore centered on how accounting treatment affected banks and other regulated custodians entering digital-asset custody.
Taken together, the House vote, Senate vote, presidential veto and failed override form a complete 2024 policy sequence over whether accounting treatment discouraged regulated institutions from offering digital-asset custody.