Joker on Nostr: The Banks Are Coming To Bitcoin! (Exception To SAB-121 GRANTED!!!) Yes, banks are ...
The Banks Are Coming To Bitcoin! (Exception To SAB-121 GRANTED!!!)
Yes, banks are coming to Bitcoin in the U.S. and they'll gladly custody your Bitcoin.
Bloomberg reported last week that the SEC is now granting “exceptions” to its punitive accounting standard called SAB-121 for “several large banks,” which an SEC spokesman subsequently confirmed.
This new fact means some banks are no longer constrained by an accounting rule that previously penalized banks for providing custody services for bitcoin.
This SEC news means the SAB-121 obstacle is no longer in the banks’ way.
Banks structurally provide better protection for custody customers than non-banks can, due to a particular legal feature of banks in the U.S.: by law, banks cannot be dragged into bankruptcy, which – in this context – means custody assets held by a bank cannot be subjected to the uncertainties of the federal bankruptcy process.
Banks entering the Bitcoin custody business will of course bring liquidity, because banks bring connectivity to the traditional financial system. Wall Street is coming!
Remainder Of The Article:
https://dpl-surveillance-equipment.com/bitcoin-and-crypto-currency/as-bitcoin-rallies-banks-are-pushing-us-regulators-to-allow-bitcoin-custody-and-etf-products-for-clients/ 
Published at
2024-07-19 19:00:50Event JSON
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"content": "The Banks Are Coming To Bitcoin! (Exception To SAB-121 GRANTED!!!)\n\nYes, banks are coming to Bitcoin in the U.S. and they'll gladly custody your Bitcoin.\n\nBloomberg reported last week that the SEC is now granting “exceptions” to its punitive accounting standard called SAB-121 for “several large banks,” which an SEC spokesman subsequently confirmed.\n\nThis new fact means some banks are no longer constrained by an accounting rule that previously penalized banks for providing custody services for bitcoin.\n\nThis SEC news means the SAB-121 obstacle is no longer in the banks’ way.\n\nBanks structurally provide better protection for custody customers than non-banks can, due to a particular legal feature of banks in the U.S.: by law, banks cannot be dragged into bankruptcy, which – in this context – means custody assets held by a bank cannot be subjected to the uncertainties of the federal bankruptcy process.\n\nBanks entering the Bitcoin custody business will of course bring liquidity, because banks bring connectivity to the traditional financial system. Wall Street is coming!\n\nRemainder Of The Article: https://dpl-surveillance-equipment.com/bitcoin-and-crypto-currency/as-bitcoin-rallies-banks-are-pushing-us-regulators-to-allow-bitcoin-custody-and-etf-products-for-clients/\nhttps://image.nostr.build/aabafef1550e693165c7f194e3706b383212ecbfdb6474e274aac79cdffa8964.png",
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