The U.S. Securities and Exchange Commission has revoked the SAB 121 guidance that mandated crypto custody firms to list customer assets as liabilities, following wide criticism from the crypto industry.

Despite previous bipartisan support in Congress to repeal the guidance, it was vetoed by former President Biden. This recent change may suggest a shift in regulatory approaches in the crypto sector.

SEC Commissioner Hester Peirce expressed relief regarding the revocation of SAB 121, highlighting the dissatisfaction within the industry that has led to significant legislative pushback.