02.15.24

Banks Are Pushing U.S. Regulators To Change Crypto Guidance

by: Allyson Versprille and Yueqi Yang

Interest groups are pushing the U.S. Securities and Exchange Commission to adjust accounting guidance that makes it more expensive for U.S. banks to hold digital assets for their customers. A trade group coalition issued a letter to the SEC seeking certain changes, including the exclusion certain assets from what counts under the crypto umbrella and the exemption of regulated lenders from the current balance sheet requirement while maintaining the requirement that firms disclose their crypto activities in financial statements.

Read the full article on Bloomberg