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Fed Chair Powell Reaffirms Stance on Custody Assets Amid SEC Crypto Rule Controversy

Started by Bitcoin, Jul 11, 2024, 07:43 am

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Fed Chair Powell Reaffirms Stance on Custody Assets Amid SEC Crypto Rule Controversy

Fed Chair Powell Reaffirms Stance on Custody Assets Amid SEC Crypto Rule ControversyOn 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. […]

Source: Fed Chair Powell Reaffirms Stance on Custody Assets Amid SEC Crypto Rule Controversy