C4C | 1-27-25 AM: What the SEC is Revoking

In a significant policy reversal, the U.S. Securities and Exchange Commission (SEC) has rescinded its 2022 accounting guidance, known as Staff Accounting Bulletin 121, which required companies holding digital assets for clients to report them as liabilities on their balance sheets. 

This move, announced on January 23, 2025, is among the first under President Donald Trump's administration, signaling a more crypto-friendly regulatory environment. The decision is expected to reduce compliance costs for financial institutions and is seen as a victory for the cryptocurrency industry. Hester Peirce, a Republican Commissioner at the SEC and leader of the newly-formed crypto task force, expressed approval of the decision on social media.

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Fun Fact Of The Day

The first real-world transaction using Bitcoin occurred on May 22, 2010, when a programmer paid 10,000 bitcoins for two pizzas. At today's prices, those bitcoins would be worth over $1 billion, highlighting Bitcoin's dramatic increase in value over the past 15 years.