CREATURE — SEC
Balance Sheet Reversal⊙ 3Remove up to 2 liability tokens from target bank card. That bank gains 'Crypto Vault' token.
Expedited Rulemaking⊙ 1Skip the comment phase of any rule. Draw 1 card from your deck.
Retroactive Application⊙ 2Search your deck for a 'Charter' card and put it into play. Shuffle your deck.
Issued by the SEC's Office of the Chief Accountant in March 2022, SAB 121 required on-balance-sheet treatment of custodied crypto assets. It was rescinded by SAB 122 on January 23, 2025, three business days after a related executive order. The OCC conditionally approved five national trust bank charters on February 12, 2025, following the rescission.
#sec#accounting-guidance#crypto-custody#federal-agency
