FASB Removes SEC Guidance on Crypto Assets in Response to Release of SAB 122

The FASB has released ASU 2025-02, which amends the guidance in ASC 450-10-S99-1 to remove the text of SAB Topic 5.FF, “Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for Its Platform Users.” The change is being made as a result of the release of SEC Staff Accounting Bulletin (SAB) 122, which rescinded SAB Topic 5.FF (added by SAB 121) in January 2025.