• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Market Cap
  • Shop
What's Hot

Types, Use Cases and Why They Matter

2025-05-24

What’s the Real Difference for Beginners?

2025-05-24

What Is Circulating Supply in Crypto? A Beginner’s Guide to Token Supply

2025-05-23
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Financial Disclosure
Twitter Instagram YouTube
Crypto Semantic
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of January 28

    2025-02-03

    Op-Ed: The Artist and the Artificial Sublime

    2025-01-20

    Zora launches onchain NFT secondary markets with Uniswap

    2024-08-12

    NFT sales surge led by DMarket on Ethereum

    2024-08-12

    Top NFT Collections by Sales This Week: DMarket Surges Ahead

    2024-08-11
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Analyst Says Momentum Is Going To Switch to Ethereum, Predicts Capital Rotation to Altcoins

    2024-02-20

    Bitcoin Price Rally In Jeopardy? Decoding Key Hurdles To More Upsides

    2024-02-19

    Arweave’s AR token hits 18-month high amid rapid growth and innovation

    2024-02-19

    Largest Bitcoin Whales Gobble Up Nearly $13,000,000,000 Worth of BTC in 2024 Alone: Santiment

    2024-02-19

    NEAR Skyrockets 30% – Investors Intrigued By These Metrics

    2024-02-19
  • Learn

    Types, Use Cases and Why They Matter

    2025-05-24

    What’s the Real Difference for Beginners?

    2025-05-24

    What Is Circulating Supply in Crypto? A Beginner’s Guide to Token Supply

    2025-05-23

    What Is a DEX? How DEXs Work and Why They Matter

    2025-05-21

    What Is Blockchain? Blockchain Technology Explained for Beginners

    2025-05-21
  • Market Cap
  • Shop
Crypto Semantic
Home»Regulation»US Banking Leaders Vie for Spot Bitcoin ETF Custodianship in Joint Valentine’s Day Letter to the SEC
U.S. Securities and Exchanges Commission (SEC) Opens Potential Bitcoin Spot ETFs to Public Opinion
Regulation

US Banking Leaders Vie for Spot Bitcoin ETF Custodianship in Joint Valentine’s Day Letter to the SEC

2024-02-16No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

US banking giants are writing a joint letter to the U.S. Securities and Trade Fee (SEC) arguing for spot Bitcoin (BTC) exchange-traded fund (ETF) custodianship.

The letter, which was despatched on Valentine’s Day by 4 trade leaders, addresses SEC Chairman Gary Gensler and asks him to switch a legislation handed in 2022 (SAB No. 121) that regulates crypto custodianship in gentle of a number of key developments, such because the approval of spot market BTC ETFs.

In line with Thomson Reuters, SAB No. 121 forces entities safeguarding digital belongings to current them on their steadiness sheet at a good worth.

Nevertheless, the Financial institution Coverage Institute American, the Bankers Affiliation, the Monetary Companies Discussion board, and the Securities Trade and Monetary Markets Affiliation all say that SAB No. 121 hinders their capability to take part.

“Since SAB 121 was issued in 2022, the Associations have articulated their considerations concerning the bulletin to the Fee each in writing and in conferences with Fee employees.

The foremost concern recognized and mentioned is how the on-balance sheet requirement of SAB 121 negatively impacts U.S. banking organizations and traders as a result of related prudential implications.

The Associations have underscored that on-balance sheet remedy will preclude extremely regulated banking organizations from offering a custodial answer for digital belongings at scale.

Furthermore, the Associations have highlighted that the on-balance sheet requirement, coupled with the overly broad definition of ‘crypto asset’ in SAB 121, could have a chilling impact on banking organizations’ capability to develop accountable use circumstances for distributed ledger know-how (DLT) extra broadly.”

As an answer, the teams suggest narrowing down the definition of “crypto asset” in addition to exempting banking organizations from having to listing the belongings on-sheet however sustaining the disclosure necessities.

See also  South Korea ramps up crypto security with new investor protection laws

“Exempting banking organizations from the on-balance sheet remedy however requiring them to make sure disclosures about their digital exercise would mitigate the considerations raised by banking organizations with out undermining the aim of SAB 121 to advertise disclosures to traders.”

Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox

Examine Value Motion

Observe us on Twitter, Fb and Telegram

Surf The Day by day Hodl Combine

Featured Picture: Shutterstock/Artwork Furnace



Source link

banking Bitcoin Custodianship Day ETF joint leaders Letter SEC Spot Valentines Vie
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitcoin vs. Altcoins: What Are The Differences?

2025-02-26

What Can You Buy with Bitcoin? Everything You Need to Know

2025-02-14

Ethereum vs Bitcoin: Difference Between this Cryptocurrencies

2025-02-07

SEC charges three people for impersonating securities brokers in $2.9 million Bitcoin-related scam

2024-12-11
Add A Comment

Leave A Reply Cancel Reply

Top Posts
Bitcoin

Exec claims Bitcoin to $125K is coming, IF BTC goes through these phases first

2024-03-19

Bitcoin’s [BTC] losses hit +$10k after dropping from its most up-to-date all-time excessive of $73.7k…

Analysis

Benjamin Cowen Predicts Collapse in Ethereum (ETH) Against Bitcoin (BTC) – Here’s His Outlook

2023-06-16

Extensively adopted crypto analyst Benjamin Cowen is warning of a potential Ethereum (ETH) collapse relative…

Blockchain

Strengthening Security Protocols in Blockchain Networks

2023-10-15

Introduction Within the technological realm, blockchain has emerged as a groundbreaking innovation, heralding a brand…

Subscribe to Updates

Get the latest news and Update from Crypto Semantic about Crypto, Metaverse and NFT.

About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Twitter Instagram
Popular Post

SEC rumored to be instructing spot Bitcoin ETF applicants to incorporate cash creates

2023-11-19

Ethereum’s price divergence means this for DeFi blue-chip tokens

2023-06-01

VeChain and BCG’s Blockchain Biospheres: A Sustainable Future Unveiled

2023-11-27

Get the latest news and Update from Crypto Semantic about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Financial Disclosure
© 2025 cryptosemantic.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • Kinza Babylon Staked BTCKinza Babylon Staked BTC(KBTC)$83,270.000.00%
  • Vested XORVested XOR(VXOR)$3,404.231,000.00%
  • ICPanda DAOICPanda DAO(PANDA)$0.003106-39.39%
  • bitcoinBitcoin(BTC)$109,044.00-0.40%
  • ethereumEthereum(ETH)$2,558.59-0.69%
  • tetherTether(USDT)$1.000.01%
  • rippleXRP(XRP)$2.35-0.91%
  • binancecoinBNB(BNB)$673.450.00%
  • solanaSolana(SOL)$176.62-3.02%
  • usd-coinUSDC(USDC)$1.000.00%
bitcoin
Bitcoin (BTC) $ 108,904.18
ethereum
Ethereum (ETH) $ 2,554.03
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.35
bnb
BNB (BNB) $ 673.86
solana
Solana (SOL) $ 176.41
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.227863
cardano
Cardano (ADA) $ 0.758826
tron
TRON (TRX) $ 0.271761