SEC Chief Accountant: SEC's stance on rules limiting banks from providing cryptocurrency custody services remains unchanged

Paul Munter, Chief Accountant of the U.S. Securities and Exchange Commission (SEC), stated that the SEC's stance on rules restricting banks from providing cryptocurrency custody services remains unchanged. On September 9th, Munter reiterated the views of Staff Accounting Bulletin No. 121 (SAB121) at a banking conference, emphasizing that financial institutions need to record liabilities for custodied crypto assets on their balance sheets. Munter pointed out that although some arrangements do not comply with this standard, the SEC still believes regulated financial institutions should not provide cryptocurrency custody services.