SEC to Allow Banks and Brokerage Firms Not to Report Their Customers’ Cryptocurrency Holdings

TL;DR The SEC is adopting a more flexible approach regarding SAB 121, allowing some banks to custody cryptocurrencies under certain conditions. Despite failed legislative efforts to eliminate SAB 121, the regulator has authorized several large banks to bypass stricter requirements since 2023. The change reflects a response to the growing institutional interest in the crypto ... source: https://crypto-economy.com/sec-to-allow-banks-and-brokerage-firms-not-to-report-their-customers-cryptocurrency-holdings/