The US Securities and Exchange Commission (SEC) has rescinded its controversial Staff Accounting Bulletin (SAB) 121, by way of SAB 122. Last week’s bulletin eliminates the previous requirement for banks and financial institutions to record customer crypto holdings as liabilities on their balance sheets.
Earlier this week the European Banking Authority (EBA) launched a consultation on draft guidelines for reporting requirements under the Markets in Crypto-assets Regulation (MiCAR).
Europe will be the first jurisdiction in the world to require that crypto “white papers” – the specialised prospectus documents used by crypto asset issuers – must be prepared in Inline XBRL, ensuring that these pitch documents can be rapidly and effectively assessed.
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