{"id":442927,"date":"2024-09-10T11:45:31","date_gmt":"2024-09-10T10:45:31","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=442927"},"modified":"2024-09-10T11:21:24","modified_gmt":"2024-09-10T10:21:24","slug":"secs-hester-peirce-questions-commissions-stubborn-stance-on-sab-121","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/secs-hester-peirce-questions-commissions-stubborn-stance-on-sab-121\/","title":{"rendered":"SEC&#8217;s Hester Peirce questions Commission&#8217;s stubborn stance on SAB 121"},"content":{"rendered":"<p>US Securities and Exchange Commission (SEC) Commissioner <a href=\"https:\/\/cryptoslate.com\/people\/hester-peirce\/\">Hester Peirce<\/a> has raised ongoing concerns about the <a href=\"https:\/\/cryptoslate.com\/market-reports\/how-sec-sab-121-repeal-paves-the-way-for-balanced-crypto-regulation\/\">SEC's Staff Accounting Bulletin No. 121 (SAB 121)<\/a>.<\/p>\n<p>Peirce's comments came after a Sept. 9 <a href=\"https:\/\/www.sec.gov\/newsroom\/speeches-statements\/munter-speech-safeguarding-crypto-assets-09-09-24\">speech<\/a> by SEC Chief Accountant Paul Munter, who affirmed that the Commission's stance on SAB 121 remains unchanged.<\/p>\n<h2>SEC's unchanged position<\/h2>\n<p>Munter emphasized that the SEC staff's view on the controversial SAB 121 has not shifted, despite the growing attention around the regulation. He explained that the staff believes an entity must record a liability on its balance sheet to reflect its responsibility to safeguard digital assets held for others.<\/p>\n<p>Munter stated this approach provides investors with timely and relevant information to assess the risks of safeguarding crypto on behalf of others.<\/p>\n<p>He noted that some <a href=\"https:\/\/cryptoslate.com\/sec-reportedly-accepts-sab-121-exceptions-to-crypto-accounting-rules-for-banks-and-brokerages\/\">exceptions apply<\/a>. For example, bank-holding companies that safeguard crypto with bankruptcy protection may not need to record liabilities. Additionally, broker-dealers facilitating crypto transactions but lacking control over cryptographic keys may be exempt.<\/p>\n<p>Munter's views align with the SEC's position, which asserts that SAB 121 aims to enhance transparency and improve risk management in the fast-evolving crypto industry.<\/p>\n<p>Despite these intentions, SAB 121 has sparked concerns within the industry as many view the regulation as an overreach by the SEC. US lawmakers voted to <a href=\"https:\/\/cryptoslate.com\/us-lawmakers-vote-in-favor-of-repealing-controversial-sec-accounting-rules-for-crypto\/\">overturn the SEC's guidance<\/a> earlier this year, but President Joe Biden <a href=\"https:\/\/cryptoslate.com\/biden-vetoes-resolution-to-overturn-of-secs-controversial-sab-121\/\">vetoed the repeal<\/a>.<\/p>\n<h2>Peirce's opposition<\/h2>\n<p>In response to Munter's speech, Peirce took to social media platform X to <a href=\"https:\/\/x.com\/HesterPeirce\/status\/1833233485601116623\">reiterate<\/a> her concerns about both the content and process of SAB 121. She urged others to share their thoughts on the policy with her via email.<\/p>\n<p>Nate Geraci, president of the ETF Store, commented that the SEC seems resistant to allowing regulated financial institutions to custody digital assets.<\/p>\n<p>He <a href=\"https:\/\/x.com\/NateGeraci\/status\/1833318917504197104\">stated<\/a>:<\/p>\n<blockquote><p>[The SEC] simply don\u2019t want to provide regulated financial institutions [with the] ability to custody crypto. Apparently, [the Commission] prefer [the] company they allowed to IPO & then sued to custody vast majority of spot btc ETF assets.&#8221;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>US Securities and Exchange Commission (SEC) Commissioner Hester Peirce has raised ongoing concerns about the SEC&#8217;s Staff Accounting Bulletin No. 121 (SAB 121). Peirce&#8217;s comments came after a Sept. 9 speech by SEC Chief Accountant Paul Munter, who affirmed that the Commission&#8217;s stance on SAB 121 remains unchanged. SEC&#8217;s unchanged position Munter emphasized that the [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":442944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29,11],"tags":[79623,74981],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC&#039;s Hester Peirce questions Commission&#039;s stubborn stance on SAB 121<\/title>\n<meta name=\"description\" content=\"Hester Peirce questions SEC&#039;s rigid stance on SAB 121 crypto regulations\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/secs-hester-peirce-questions-commissions-stubborn-stance-on-sab-121\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC&#039;s Hester Peirce questions Commission&#039;s stubborn stance on SAB 121\" \/>\n<meta property=\"og:description\" content=\"Hester Peirce questions SEC&#039;s rigid stance on SAB 121 crypto regulations\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/secs-hester-peirce-questions-commissions-stubborn-stance-on-sab-121\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-10T10:45:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-10T10:21:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/09\/hester-peirce-sab121.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/secs-hester-peirce-questions-commissions-stubborn-stance-on-sab-121\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/secs-hester-peirce-questions-commissions-stubborn-stance-on-sab-121\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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