SAB 122 (after withdrawal of SAB 121) streamlines crypto custody operations and fosters greater trust in traditional financial firms offering cryptocurrency services.
]]>
BNY Mellon, one of the world’s largest custodian banks, is seeking to offer custody services for bitcoin and ether to exchange-traded product (ETP) clients. The bank is also eyeing large-scale growth in the crypto space, with plans to seek more regulatory approvals to capitalize on the lucrative crypto custody market. BNY Mellon Pushes Forward With […]
]]>
SEC Chair Gary Gensler has taken heat from lawmakers and members of his own agency during a House Financial Services Committee hearing over his handling of crypto regulation in the United States.
]]>
Bank of New York Mellon will not be held to SEC accounting practices for client crypto custody after a review.
]]>
The House and Senate Republicans claimed the SEC evaded the notice and comment rulemaking process required by the Administrative Procedure Act by issuing SAB 121.
]]>
In May, United States congressional lawmakers voted to repeal Staff Accounting Bulletin-121 in a 228-182 bipartisan vote.
]]>
The crypto advocacy group says it is hand-delivering letters to every US Senator explaining why Bitcoin would help the US secure its position as a world leader.
]]>
Ripple CEO Brad Garlinghouse has criticized Congressman Brad Sherman’s anti-crypto comments, urging Vice President Kamala Harris to distance herself from such views. The Ripple executive warned that opposing cryptocurrencies is equivalent to opposing innovation, benefiting Republicans who support technological progress. He emphasized the need for the U.S. to align with other advanced economies with clear […]
]]>
Senator Tim Scott highlighted bitcoin’s potential to democratize finance and improve financial inclusion at the Bitcoin 2024 Conference. He criticized the Biden administration’s approach to digital assets and endorsed efforts to overturn restrictive SEC guidelines. Scott advocated for balanced regulation that encourages innovation without stifling growth or pushing it overseas. Senator Tim Scott Advocates for […]
]]>
On Wednesday, Federal Reserve Chair Jerome Powell testified before the U.S. House Financial Services Committee, where Congressman Josh Gottheimer (D-NJ) questioned him about the SEC’s Staff Accounting Bulletin (SAB) 121. This bulletin mandates that banks include digital assets held in custody on their balance sheets, significantly raising the cost of providing digital asset custody services. […]
]]>