The cryptocurrency community is abuzz with anticipation as the U.S. Securities and Exchange Commission (SEC) schedules a closed meeting for January 30, 2025. This follows recent developments, including the revocation of Staff Accounting Bulletin No. 121 (SAB 121), which has significant implications for digital asset accounting. Background on SAB 121 Issued in March 2022, SAB 121 provided guidance on the accounting treatment of digital assets held by entities such as crypto exchanges and custodians. The bulletin required these entities to recognize a liability and corresponding asset on their balance sheets for the obligation to safeguard crypto assets held for clients. This approach was criticized by industry stakeholders who argued that it could lead to misleading financial statements and increased regulatory burdens. Mark Uyeda’s Stance In June 2024, Mark Uyeda publicly called for the revocation of SAB 121, expressing concerns about its issuance process and potential overreach. He emphasized that the bulletin was released without adhering to the standard rulemaking procedures outlined in the Administrative Procedure Act (APA), which mandates public commentary and ensures transparency. Uyeda stated, “The issuance of SAB 121 through a regulatory decree, rather than rulemaking under the Administrative Procedure Act, actually avoids judicial review, which weakens our checks and balances mechanism to prevent excessive expansion of the administrative state.” Community Reactions The XRP community, in particular, has been optimistic about these developments. Prominent community member JackTheRippler highlighted the upcoming SEC meeting, noting the removal of SAB 121 during the last closed session. Community members have expressed bullish sentiments, with XRP_Finland commenting , “These meetings are bullish after that SAB 121,” and another member, Norberts, stating , “It seems the day has come. Let’s stay calm and wait for the final bell!” These speculations suggest a possible end to the Ripple case We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Implications for XRP The potential revocation of SAB 121 could have significant implications for XRP and the broader cryptocurrency market. A more favorable regulatory environment may lead to increased institutional adoption and a positive impact on XRP’s market performance. As of report time, XRP is trading at $3.05, reflecting a slight decrease of 0.03481% from the previous close. The day’s trading range has seen a high of $3.18 and a low of $3.02. The outcome of the SEC’s January 30 meeting remains highly anticipated, with stakeholders keen to see how potential regulatory changes might influence the future trajectory of XRP and the broader digital asset landscape. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post Another SEC Closed Door Meeting On January 30 Sparks Ripple Case Settlement Speculation appeared first on Times Tabloid .
