🚀 Crypto News: SEC Remains Firm on Restricting Crypto Custody Services for Financial Institutions

đŸ”č SEC Chief Accountant Paul Munter said the SEC’s stance on SAB 121 has not changed.

đŸ”č The rule requires institutions to record their responsibility to safeguard their clients’ crypto assets on their balance sheets.

đŸ”č ETF Store President Nate Geraci said the SEC does not want financial institutions to be allowed to custody crypto.

đŸ”č The SEC has considered a variety of accounting scenarios, but not all of them are consistent with SAB 121.

đŸ”č Some institutions, such as bank holding companies and broker-dealers, may not need to record this responsibility.

📊 What do you think of the SEC’s move? Share your thoughts below! 💬#Crypto#Blockchain#BTC#SEC#Finance#Tech #Regulation