Major US banks ask SEC to allow them to trade spot bitcoin ETFs
The largest US banks are lobbying the US Securities and Exchange Commission (SEC) to revise the guidelines on cryptocurrency assets to include banks among the custodians of bitcoin exchange-traded funds (ETFs). This is written by FinTech Insider with reference to a letter to the head of the SEC Gary Gensler.
As the letter notes, the recent approval of spot bitcoin-ETFs did not include allowing banks to provide custodial services.
"The Commission recently approved 11 spot bitcoin-ETFs that allow investors to access this asset class through a regulated product. Notable absent from the approved products is the absence of banking organizations serving as asset custodians, a role they regularly perform for most other exchange-traded products," the letter said.
The letter asked the SEC to amend the rules that provide guidance on the custody of cryptocurrency assets.