AsianFin -- The U.S. Securities and Exchange Commission (SEC) announced on Thursday the revocation of accounting guidance widely criticized by the cryptocurrency industry. The move, part of President Donald Trump's shift away from his predecessor's policies, marks a significant victory for the crypto sector.
In an official notice, the SEC stated it has rescinded the 2022 guidance known as Staff Accounting Bulletin 121. This guidance, previously upheld by then-President Joe Biden despite opposition from lawmakers in May of last year, has now been officially overturned.
The decision signals a broader policy pivot under the Trump administration, aiming to create a more favorable regulatory environment for digital assets and blockchain innovation.
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