美国重点关注代币化友好型会计规则 | 观点

On January 23, 2025, President Donald Trump began delivering on his promise to transform the digital asset industry by supporting policies, rules, and regulations for the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy in order to secure America’s position as the world’s leader, by undertaking “Tokenization Friendly Initiatives.”  These included:

• President Donald Trump issued an executive order,Strengthening American Leadership in Digital Financial Technology,which established a Working Group on Digital Asset Markets chaired by White House AI and crypto czar David Sacks (who shared his opinions here);
• The US Securities Exchange Commission revoked accounting rule SAB 121 that hindered financial institutions from custodying customer digital assets.

关于 SAB 121

SEC 工作人员于 2022 年 3 月 31 日发布了《员工会计公告 121》，当时正值几家涉及数字资产行业的银行破产之际。该公告的发布是为了应对提供数字资产托管服务的实体数量的增加，这些服务具有独特的技术、法律和监管风险。

该规则要求实体以公平市场价值（FMV）确认负债和相应资产，以履行为客户保护数字资产的义务。这项资产负债表披露要求不适用于托管的传统资产（如证券），这对受监管准备金要求约束的银行构成了挑战。该规则大大增加了这些希望提供数字资产托管服务的金融机构的财务负担，可能阻止它们进入市场。

The rule also required entities to provide a significant number of detailed disclosures, both in the footnotes to the financial statements and outside the financial statements, about the nature and amount of digital assets being safeguarded and any risks related to concentrations in digital asset safeguarding. Such disclosures included information about who held the cryptographic keys, who maintained internal recordkeeping, and who was obligated to secure the digital assets and protect them from loss or theft. 

Furthermore, the rule was not easy to use because it did not define safeguarding. Entities were often required to use significant judgment to determine whether a transaction fell within the rule’s scope.

For these reasons, traditional financial institutions did not favor SAB 121. It essentially created a significant barrier to offering digital asset custodial services, hindering tokenization innovation. 

William Quigley 的职业生涯始于银行审计师，后来成为加密货币和区块链投资者以及 WAX.io 区块链和稳定币 Tether (USDT) 的联合创始人，他向我解释道：

“SAB 121 要求银行在公平市场价值中反映资产和负债，从而对银行代表客户保管加密货币资产的能力施加了重大限制，即使银行不是数字资产的所有者，也必须在资产负债表上为此保留资本。废除 SAB 121 将允许银行将加密货币资产代币化”。

About SAB 122

Staff Accounting Bulletin 122 provides greater flexibility to banks and traditional financial institutions that provide or are interested in providing digital asset-custody services by returning to the pre-SAB 121 accounting principles and standards in reporting contingent liabilities under [ASC 450-202] or [IAS 373] 符合 GAAP 和 IFRS 会计准则，而无需 SAB 121 规定的一对一资产负债率。货币监理署在 2020 年左右提供的初步指导似乎很周到。

SEC 工作人员强调，实体应继续提供与保护数字资产相关的风险、义务和不确定性的清晰、透彻的披露，这些机构在 2023 年的一份联合声明中为银行详细说明了这一点。“FDIC 期待与总统数字资产市场工作组合作，”代理主席特拉维斯希尔 (Travis Hill) 表示，他发布了 175 份与监管从事或试图从事数字资产相关活动的银行有关的文件。

因此，SAB 122 适用于 2024 年 12 月 15 日之后开始的年度期间，并可在任何更早的中期或年度财务报表期间选择撤销，但并不能完全免除报告公司确认与实体的数字资产托管活动相关的负债。

Conclusion

The Working Group on Digital Asset Markets includes SEC Acting Chairman Mark T. Uyeda, who launched a task force led by Republican Commissioner Hester Peirce charged with developing a “comprehensive and clear regulatory framework for digital assets.” The goal of this task force is to regulate “less through enforcement” and more through established regulatory guidelines, paths to registration, and disclosure requirements that will continue to drive institutional participation in tokenization and broader market growth. 

这些代币化友好举措（包括美国证券交易委员会工作组的举措）受到了全球最大托管机构纽约银行（BNY）的欢迎，纽约银行表示有意将其托管服务扩展到数字资产领域，美国银行家协会以及“Etherealize.io，将金融机构与全球最大、安全、开放的区块链环保以太坊生态系统连接起来”，Etherealize.io 首席执行官 Vivek Raman 表示。