According to ChainCatcher, Paul Munter, chief accountant of the U.S. Securities and Exchange Commission (SEC), said that the SEC's position on restricting banks from providing crypto custody services has not changed.

On September 9, Munter reiterated the views of SEC Staff Accounting Bulletin No. 121 (SAB 121) at a banking conference, emphasizing that financial institutions need to record liabilities for custody of crypto assets on their balance sheets. Munter pointed out that although some arrangements do not comply with the guidelines, the SEC still believes that regulated financial institutions should not provide crypto custody services.