CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Coinpaprika 2025-01-24 08:49:11

SEC Eases Rules for Banks to Safely Hold Bitcoin and Crypto

The SEC has introduced Staff Accounting Bulletin (SAB) No. 122, effectively repealing the previous SAB 121 policy, which deterred banks from holding Bitcoin and other crypto-assets in custody. This shift allows banks and traditional financial institutions to offer crypto services more easily, without the heavy compliance and financial burdens previously required. Under SAB 121 , institutions holding customer crypto-assets had to list them as both assets and liabilities on their balance sheets. Now, with SAB 122, banks can evaluate their obligations differently, treating risks like theft or fraud as contingent liabilities rather than strict balance sheet liabilities. This change simplifies compliance and reduces capital requirements, making it more practical for banks to custody digital assets. SEC Commissioner Hester Peirce welcomed the update with enthusiasm, tweeting, “Bye, bye SAB 121! It’s not been fun | Staff Accounting Bulletin No. 122.” ETF analyst James Seyffart also praised the decision, calling it the correct move for the crypto industry. This policy shift signals a more pro-crypto approach from US regulators after years of hesitation. It opens the door for banks to safely hold and safeguard Bitcoin and other crypto-assets for their customers, giving them the freedom to determine how to measure and report safeguarding risks. The crypto community has reacted positively to the news, with industry leaders like MicroStrategy’s Michael Saylor expressing excitement. For years, US banks have wanted to custody Bitcoin but faced significant regulatory obstacles. The new guidance changes that landscape, allowing broader participation in the crypto market by traditional financial institutions. The decision follows a growing trend toward pro-crypto policies in the US. Back in May 2024, Congress passed a resolution to repeal SAB 121, although it was vetoed by President Joe Biden. However, recent developments suggest a shift in regulatory attitudes. Yesterday, the SEC announced a crypto task force led by Hester Peirce, signaling increased focus on fostering growth in the sector. Additionally, earlier announcements included President Trump signing an executive order to create a national digital asset stockpile. These actions reflect a broader move toward integrating crypto into the US financial system, offering hope for significant growth and innovation in the industry. With SAB 122 in place, banks can now provide crypto custody services without cumbersome restrictions, marking a pivotal step forward for crypto adoption in the United States.

Lesen Sie den Haftungsausschluss : Alle hierin bereitgestellten Inhalte unserer Website, Hyperlinks, zugehörige Anwendungen, Foren, Blogs, Social-Media-Konten und andere Plattformen („Website“) dienen ausschließlich Ihrer allgemeinen Information und werden aus Quellen Dritter bezogen. Wir geben keinerlei Garantien in Bezug auf unseren Inhalt, einschließlich, aber nicht beschränkt auf Genauigkeit und Aktualität. Kein Teil der Inhalte, die wir zur Verfügung stellen, stellt Finanzberatung, Rechtsberatung oder eine andere Form der Beratung dar, die für Ihr spezifisches Vertrauen zu irgendeinem Zweck bestimmt ist. Die Verwendung oder das Vertrauen in unsere Inhalte erfolgt ausschließlich auf eigenes Risiko und Ermessen. Sie sollten Ihre eigenen Untersuchungen durchführen, unsere Inhalte prüfen, analysieren und überprüfen, bevor Sie sich darauf verlassen. Der Handel ist eine sehr riskante Aktivität, die zu erheblichen Verlusten führen kann. Konsultieren Sie daher Ihren Finanzberater, bevor Sie eine Entscheidung treffen. Kein Inhalt unserer Website ist als Aufforderung oder Angebot zu verstehen