2023-01-25 20:22:53

Warren praises SEC for making it more difficult for banks to custody crypto

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American Banker
By Claire Williams

WASHINGTON Sen. Elizabeth Warren, D-Mass., said the Securities and Exchange Commission should double down on its scrutiny on digital assets, while applauding the agency's existing effort to insulate the banking system from the crypto industry.

Warren alluded to an accounting bulletin issued by the agency that requires most SEC registrants that hold crypto assets for their clients record that risk on their balance sheets as a liability. For many banks, especially large ones, this effectively blocks their ability to custody crypto assets, because they would need to hold considerable capital to offset that liability.

"The SEC has helped to keep crypto volatility out of the banking system by holding banks and other public companies responsible for the risks of custodying crypto assets," she said.

Senator Elizabeth Warren, D-Mass., praised the Securities and Exchange Commission for its efforts to limit banks' ability to custody crypto assets and warned that regulators need additional tools from Congress to ensure that they can root out malfeasance in the crypto market.

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