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BTCC / BTCC Square / Global Cryptocurrency /
SEC Revokes Controversial Rule Preventing Banks from Custodying Crypto

SEC Revokes Controversial Rule Preventing Banks from Custodying Crypto

Author:
Global Cryptocurrency
Published:
2025-01-24 11:24:08
20
3
The Securities & Exchange Commission (SEC) has revoked the controversial Staff Accounting Bulletin (SAB 121), which previously prevented banks and financial institutions from custodying cryptocurrencies. This rule required financial institutions to list crypto assets as liabilities on their balance sheets. The SEC introduced a new bulletin, SAB 122, which now permits financial institutions to manage clients' crypto holdings. This change is part of a series of reforms introduced by President Donald Trump's administration, aiming to provide more flexibility and clarity for financial institutions in handling digital assets.

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