{"id":575387,"date":"2024-02-15T20:04:04","date_gmt":"2024-02-15T20:04:04","guid":{"rendered":"https:\/\/wncen.com\/?p=575387"},"modified":"2024-02-15T20:04:04","modified_gmt":"2024-02-15T20:04:04","slug":"us-banks-rally-for-updated-crypto-guidelines-as-digital-asset-prices-surge","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/us-banks-rally-for-updated-crypto-guidelines-as-digital-asset-prices-surge\/","title":{"rendered":"US Banks Rally For Updated Crypto Guidelines As Digital Asset Prices Surge"},"content":{"rendered":"

Amidst a significant surge in cryptocurrency prices, which propelled the total crypto market capitalization to a high of $1.93 trillion on Thursday, influential interest groups are urging the US Securities and Exchange Commission (SEC) to revise accounting guidance that imposes <\/span>higher costs<\/span><\/a> on US banks for holding digital assets on behalf of their customers.<\/span><\/p>\n

Banking Trade Groups Urge SEC To Revise Crypto Accounting Rules<\/span><\/h2>\n

According to a Bloomberg <\/span>report<\/span><\/a>, a coalition of trade groups, including the Bank Policy Institute, the American Bankers Association, the Securities Industry and Financial Markets Association, and the Financial Services Forum, sent a letter to the SEC on Wednesday outlining their desired changes.\u00a0<\/span><\/p>\n

The existing guidance requires public companies, including banks, to treat cryptocurrencies they hold in custody as liabilities on their corporate balance sheets. Consequently, banks must allocate assets of a similar value to comply with capital requirements and protect against potential losses.<\/span><\/p>\n

According to Bloomberg, the trade groups have requested the SEC to consider the following key changes:<\/span><\/p>\n

    \n
  1. Exclude certain assets from being classified under the broad crypto umbrella. This includes traditional assets recorded or transferred using blockchain networks, such as tokenized deposits, as well as tokens underlying SEC-approved products like spot Bitcoin exchange-traded funds (ETFs).<\/span><\/li>\n
  2. Grant regulated lenders an exemption from the current balance sheet requirement while maintaining the disclosure of crypto activities in financial statements.<\/li>\n<\/ol>\n

    The trade groups argued that if regulated <\/span>banking organizations<\/span><\/a> are unable to provide digital asset-safeguarding services at scale, it would negatively impact investors, customers, and the broader financial system.\u00a0<\/span><\/p>\n

    However, the SEC has defended its accounting guidance, citing the “unique risks” and uncertainties posed by cryptocurrencies compared to other assets held by banks.\u00a0<\/span><\/p>\n

    Limiting Custody Expansion?<\/span><\/h2>\n

    The specific guidance in question, known as Staff Accounting Bulletin No. 121, has faced criticism from banks since its publication in 2022.\u00a0<\/span><\/p>\n

    Lenders argue that the bulletin limits their ability to expand digital asset services for customers due to the associated high costs. Consequently, banks missed out on providing custody services for recently approved Bitcoin exchange-traded funds, with Coinbase emerging as the preferred custodian for the majority of ETF issuers.<\/span><\/p>\n

    The trade groups also highlighted additional challenges resulting from the guidance, including a “chilling effect” on plans to utilize <\/span>blockchain technology<\/span><\/a> for traditional assets. <\/span>While the SEC described SAB 121 as non-binding staff guidance, it acknowledged that following it enhances disclosure to investors regarding firms safeguarding crypto assets for others.<\/span><\/p>\n

    Related Reading: These Are The Altcoins Drawing Whale Interest, Santiment Reveals<\/a><\/div>\n

    As the SEC faces mounting pressure, there have been efforts by lawmakers to repeal the guidance.\u00a0 <\/span>A resolution was introduced in the House Financial Services Committee, spearheaded by Representatives Mike Flood and Wiley Nickel, while Senator Cynthia Lummis sponsored identical legislation in the Senate. These measures aim to remove the SEC’s authority in making rules that impact bank custody.<\/span><\/p>\n

    The outcome remains uncertain, as the legislation’s success depends on garnering sufficient support, particularly among Democrats and within the White House.\u00a0<\/span><\/p>\n

    However, the collective efforts of trade groups, lawmakers, and industry stakeholders could potentially lead to <\/span>regulatory changes<\/span><\/a> that alleviate the burden on banks holding digital assets, facilitating their participation in the evolving cryptocurrency landscape.<\/span><\/p>\n

    Furthermore, the recent endeavors undertaken by US institutions exemplify a growing interest and eagerness to adopt and invest in cryptocurrencies, particularly Bitcoin.\u00a0<\/span><\/p>\n

    This heightened institutional involvement has significantly contributed to the swift success of Bitcoin spot ETFs, which gained regulatory approval merely a month ago.<\/span><\/p>\n

    \"Crypto\"
    The daily chart shows the total crypto market cap’s uptrend. Source: TOTAL on TradingView.com<\/a><\/figcaption><\/figure>\n

    Featured image from Shutterstock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

    Amidst a significant surge in cryptocurrency prices, which propelled the total crypto market capitalization to a high of $1.93 trillion on Thursday, influential interest groups are urging the US Securities and Exchange Commission (SEC) to revise accounting guidance that imposes higher costs on US banks for holding digital assets on behalf of their customers. Banking Trade Groups Urge SEC To Revise Crypto Accounting Rules According to a Bloomberg report, a coalition of trade groups, including the Bank Policy Institute, the American Bankers Association, the Securities Industry and Financial Markets Association, and the Financial Services Forum, sent a letter to the SEC on Wednesday outlining their desired changes.\u00a0 The existing guidance requires public companies, including banks, to treat cryptocurrencies they hold in custody as liabilities on their corporate balance sheets. Consequently, banks must allocate assets of a similar value to comply with capital requirements and protect against potential losses. According to Bloomberg, the trade groups have requested the SEC to consider the following key changes: Exclude certain assets from being classified under the broad crypto umbrella. This includes traditional assets recorded or transferred using blockchain networks, such as tokenized deposits, as well as tokens underlying SEC-approved products like spot Bitcoin exchange-traded funds (ETFs). Grant regulated lenders an exemption from the current balance sheet requirement while maintaining the disclosure of crypto activities in financial statements. The trade groups argued that if regulated banking organizations are unable to provide digital asset-safeguarding services at scale, it would negatively impact investors, customers, and the broader financial system.\u00a0 However, the SEC has defended its accounting guidance, citing the “unique risks” and uncertainties posed by cryptocurrencies compared to other assets held by banks.\u00a0 Limiting Custody Expansion? The specific guidance in question, known as Staff Accounting Bulletin No. 121, has faced criticism from banks since its publication in 2022.\u00a0 Lenders argue that the bulletin limits their ability to expand digital asset services for customers due to the associated high costs. Consequently, banks missed out on providing custody services for recently approved Bitcoin exchange-traded funds, with Coinbase emerging as the preferred custodian for the majority of ETF issuers. The trade groups also highlighted additional challenges resulting from the guidance, including a “chilling effect” on plans to utilize blockchain technology for traditional assets. While the SEC described SAB 121 as non-binding staff guidance, it acknowledged that following it enhances disclosure to investors regarding firms safeguarding crypto assets for others. Related Reading: These Are The Altcoins Drawing Whale Interest, Santiment Reveals As the SEC faces mounting pressure, there have been efforts by lawmakers to repeal the guidance.\u00a0 A resolution was introduced in the House Financial Services Committee, spearheaded by Representatives Mike Flood and Wiley Nickel, while Senator Cynthia Lummis sponsored identical legislation in the Senate. These measures aim to remove the SEC’s authority in making rules that impact bank custody. The outcome remains uncertain, as the legislation’s success depends on garnering sufficient support, particularly among Democrats and within the White House.\u00a0 However, the collective efforts of trade groups, lawmakers, and industry stakeholders could potentially lead to regulatory changes that alleviate the burden on banks holding digital assets, facilitating their participation in the evolving cryptocurrency landscape. Furthermore, the recent endeavors undertaken by US institutions exemplify a growing interest and eagerness to adopt and invest in cryptocurrencies, particularly Bitcoin.\u00a0 This heightened institutional involvement has significantly contributed to the swift success of Bitcoin spot ETFs, which gained regulatory approval merely a month ago. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":575388,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[532,90555,91160,9960,1393,6664,14690,13331,16125,1558,32534,88670,88233],"class_list":["post-575387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-etf","tag-bitcoin-etf-news","tag-bitcoin-etf-rally","tag-bitcoin-etfs","tag-coinbase","tag-crypto","tag-crypto-news","tag-crypto-regulation","tag-crypto-regulations","tag-cryptocurrency","tag-total-crypto-market-cap","tag-u-s-crypto-regulation","tag-us-banks"],"acf":[],"yoast_head":"\nUS Banks Rally For Updated Crypto Guidelines As Digital Asset Prices Surge<\/title>\n<meta name=\"description\" content=\"Amidst a significant surge in 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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