๐#CryptoNews Flash๐
๐ฆBanks, rejoice! The SEC is loosening up on SAB 121, allowing some wiggle room for banks & brokerages to avoid reporting customer crypto holdings on balance sheets.๐
๐This comes after the House failed to overturn a veto by @POTUS on nullifying SAB 121, which requires companies to hold crypto assets as a liability.
๐ฃ๏ธ"SAB 121 makes our digital asset ecosystem LESS safeโnot more," says pro-crypto Chairman, Patrick McHenry.
๐The SEC's new stance could open the door for more banks to offer crypto custody services, expanding options for US crypto holders.๐บ๐ธ
๐Thoughts on this shift? Let's chat in the comments! #DeFi #Web3 #DAO #Layer2