Staff Accounting Bulletin No. 122
Summary
This staff accounting bulletin ("SAB") rescinds the interpretive guidance included in Section FF of Topic 5 in the Staff Accounting Bulletin Series entitled Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users ("Topic 5.FF").
Estimated Monetary Impact
Validated Company Impacts
Coinbase Global, Inc.
Coinbase operates as a cryptocurrency exchange that holds crypto-assets for platform users, which is the exact focus of SAB 122's rescinded guidance on accounting for safeguarding obligations. The company's transaction revenue segment directly involves holding customer crypto assets, making this rule highly relevant to its core business operations.
Robinhood Markets, Inc.
Robinhood operates Robinhood Crypto and Robinhood Europe segments that provide cryptocurrency trading services, directly aligning with SAB 122's focus on accounting for obligations to safeguard crypto-assets held for platform users. The company's core business model involves holding customer crypto-assets, making it clearly subject to this accounting guidance.