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.

Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta