Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

Today in crypto, the SEC revoked the controversial crypto accounting rule SAB 121, Donald Trump signed an executive order establishing a crypto working group and crypto exchange Phemex halted withdrawals after millions of dollars reportedly flowed out of its wallets.

SEC revokes SAB 121 crypto accounting rule

The Securities and Exchange Commission on Jan. 23 canceled the controversial Staff Accounting Bulletin 121, or SAB 121, a rule that mandated financial firms holding crypto on behalf of customers must record them as liabilities on their balance sheets.

A new bulletin, SAB 122, said it “rescinds the interpretive guidance” of SAB 121 — a rule published in March 2022 that the crypto industry has long sought to have repealed.

“Bye, bye SAB 121!” SEC Commissioner and the agency’s crypto task force lead Hester Peirce wrote in a Jan. 23 X post. “It’s not beenfun.