US Financial Institutions Demand that the SEC Reconsider the definition of crypto assets
US banks and financial institutions are seeking a review of the definition of crypto assets from the SEC. This could allow these organizations to play a more important role in the cryptocurrency sector.
The largest banks and financial institutions in the United States are seeking a review of the definition of crypto assets from the Securities and Exchange Commission (SEC). This could allow these organizations to play a more important role in the cryptocurrency sector. This is reported by Cointelegraph.
On February 14, 2024, a coalition of trade groups sent a letter to the head of the SEC, Gary Gensler. In it, she noted the approval of spot bitcoin ETFs, noting that American banks are absent from these products as custodians.
In addition, the coalition asked the SEC to consider making changes to Staff Accounting Bulletin 121 on guidance on accounting for obligations to hold crypto assets.
They stated that two years had passed since the release of the manual, and "several significant events" had occurred during that time. According to them, the current management requires banks to keep crypto assets on their balance sheet.
Eric Balchunas, senior analyst at Bloomberg, commented on the news:
"American banks, left without key roles in bitcoin ETFs, insist that the SEC adjust the guidance on the ownership of digital assets. They want to get a share of the profits. I don't blame them, it's not fair."
