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BNY Mellon, one of the world’s largest custodian banks, is seeking to offer custody services for bitcoin and ether to exchange-traded product (ETP) clients. The bank is also eyeing large-scale growth in the crypto space, with plans to seek more regulatory approvals to capitalize on the lucrative crypto custody market. BNY Mellon Pushes Forward With … Read more
SEC Chair Gary Gensler has taken heat from lawmakers and members of his own agency during a House Financial Services Committee hearing over his handling of crypto regulation in the United States. Go to Source
Bank of New York Mellon will not be held to SEC accounting practices for client crypto custody after a review. Go to Source
The House and Senate Republicans claimed the SEC evaded the notice and comment rulemaking process required by the Administrative Procedure Act by issuing SAB 121. Go to Source
In May, United States congressional lawmakers voted to repeal Staff Accounting Bulletin-121 in a 228-182 bipartisan vote. Go to Source
The crypto advocacy group says it is hand-delivering letters to every US Senator explaining why Bitcoin would help the US secure its position as a world leader. Go to Source
Ripple CEO Brad Garlinghouse has criticized Congressman Brad Sherman’s anti-crypto comments, urging Vice President Kamala Harris to distance herself from such views. The Ripple executive warned that opposing cryptocurrencies is equivalent to opposing innovation, benefiting Republicans who support technological progress. He emphasized the need for the U.S. to align with other advanced economies with clear … Read more
Senator Tim Scott highlighted bitcoin’s potential to democratize finance and improve financial inclusion at the Bitcoin 2024 Conference. He criticized the Biden administration’s approach to digital assets and endorsed efforts to overturn restrictive SEC guidelines. Scott advocated for balanced regulation that encourages innovation without stifling growth or pushing it overseas. Senator Tim Scott Advocates for … Read more
On Wednesday, Federal Reserve Chair Jerome Powell testified before the U.S. House Financial Services Committee, where Congressman Josh Gottheimer (D-NJ) questioned him about the SEC’s Staff Accounting Bulletin (SAB) 121. This bulletin mandates that banks include digital assets held in custody on their balance sheets, significantly raising the cost of providing digital asset custody services. … Read more
U.S. Securities and Exchange Commission (SEC) Commissioner Mark Uyeda advocates for the withdrawal of Staff Accounting Bulletin 121 (SAB 121), which sets guidelines for accounting crypto liabilities. He argues that the method of its issuance undermines the foundational checks and balances designed to prevent excessive administrative control. Despite bipartisan support for a resolution to repeal … Read more
