[The US SEC softens its stance on the crypto bill SAB-121, and banks are allowed to custody customer assets in a "bankruptcy isolation" manner] Golden Finance reported that in a recent speech, the chief accountant of the US Securities and Exchange Commission (SEC), Mount, seemed to back down on the SEC's Staff Accounting Bulletin No. 121 (SAB-121), which restricts banks from providing digital asset custody services to customers. According to the analysis of Thorne, director of Galaxy Research, Mount proposed some exemptions that allow bank holding companies and introducing brokers to circumvent the custody provisions in SAB-121. If banks obtain written permission from state regulators to custody customer assets in a "bankruptcy isolation" manner, clearly stipulate standards in contracts, and conduct regular risk assessments, they can avoid the reporting requirements of SAB-121. Introducing brokers can also be exempted from the requirements of SAB-121 by meeting three conditions. Brokers cannot hold customers' private keys, cannot act as third parties in transactions, and cannot be agents of introducing brokers. Finally, introducing brokers must obtain a legal opinion proving that they are introducing brokers that meet the digital asset exemption conditions. As previously reported, on July 11, the U.S. House of Representatives voted on Wednesday on whether to overturn "President Joe Biden's veto of SAB 121-related resolutions", but failed to pass, and the U.S. Securities and Exchange Commission's cryptocurrency accounting policy remained unchanged.