The US Congress is going to abolish the rule of 100% reserve of crypto assets on the balance sheet of banks
The US Senate has overwhelmingly passed a bill repealing the Securities and Exchange Commission’s SAB 121, which would have prevented US banks from acting as custodians of their clients’ digital assets. In 2022, the Securities and Exchange Commission (SEC) amended SAB 121 to require financial institutions that provide custody services for cryptocurrencies to maintain a 100% loss reserve. The SEC has required banks to account for this type of asset as a liability to customers.…
