Congress Calls for Crypto Custody Flexibility A Challenge to SEC's SAB 121

In a major move, 42 US Congressmen have written to the SEC demanding that banks be allowed to custody cryptocurrency. This directly challenges SAB 121, the SEC's current guidelines that restrict banks from doing so.

The lawmakers argue that SAB 121 contradicts existing accounting standards and poses a risk to consumers by inaccurately reflecting the obligations of financial institutions. They believe that by allowing banks to custody crypto, investors will have more options and greater security for their digital assets.

As institutional interest in cryptocurrency continues to rise, this congressional push could significantly impact the future of crypto custody and regulation in the United States.

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3. "Crypto custody debate heats up as lawmakers challenge SEC's stance. Could this lead to more institutional adoption?"

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10. FinTech regulation ... https://www.youtube.com/watch?v=0y7sItAkqoA