Odaily Planet Daily News B In a recent speech, Paul Munter, chief accountant of the U.S. Securities and Exchange Commission (SEC), 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 an analysis by Alex Thorn, head of Galaxy Research, Munter proposed some exemptions that allow bank holding companies and introducing brokers to circumvent the custody provisions in SAB-121. Banks can avoid the reporting requirements of SAB-121 if they obtain written permission from state regulators to custody customer assets in a "bankruptcy remote" manner, clearly stipulate standards in contracts, and conduct regular risk assessments. Introducing brokers can also be exempted from the requirements of SAB-121 by meeting three conditions. The broker cannot hold the customer's private key, cannot act as a third party in the transaction, and cannot be an agent of the introducing broker. Finally, the introducing broker must obtain a legal opinion that it is an introducing broker that meets the digital asset exemption conditions. Earlier news, on July 11, the U.S. House of Representatives voted on whether to overturn "President Joe Biden's veto of SAB 121-related resolutions", but it was not passed, and the U.S. Securities and Exchange Commission's cryptocurrency accounting policy remained unchanged.