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<ul><li>SEC allows banks to exclude customer crypto from balance sheets with risk mitigation measures.</li><li>President Biden vetoed a resolution to revoke SAB 121; the House failed to override the veto, reflecting divided views.</li><li>New SEC guidance could expand crypto service options for American holders with bank safeguards.</li></ul>The U.S. Securities and Exchange Commission (SEC) has <a href="https://news.bloomberglaw.com/privacy-and-data-security/sec-allows-some-exceptions-to-crypto-accounting-rule-compliance" rel="noopener noreferrer nofollow">issued</a> new guidance that permits banks and brokerages to exclude their customers&#39; cryptocurrency holdings from their balance sheets, provided they implement measures to mitigate associated risks. This represents a significant shift from the SEC&#39;s previous stance aimed at enhancing transparency and investor protection.What Is SAB 121 and Why Is It Important?In 2022, the SEC issued <a href="https://cryptotale.org/the-legislative-push-to-overturn-secs-sab-121-and-unblock-bank-crypto-custody/" rel="noopener noreferrer nofollow">Staff Accounting Bulletin 121 (SAB 121)</a>, which required companies to report customers&#39; crypto holdings on their balance sheets to inform investors of potential technological and legal risks. This came before the collapse of the major crypto exchange FTX.Lobbying Efforts Against SAB 121Banks and financial industry trade groups have lobbied Congress to rescind SAB 121, arguing that it unfairly inflated balance sheets and triggered capital requirements, making it more costly and challenging to offer crypto services. Despite these efforts, the House recently failed to override a presidential veto on a measure to revoke SAB 121.<a href="https://cryptotale.org/sec-allows-banks-to-exclude-crypto-holdings-from-balance-sheets/" rel="noopener noreferrer nofollow">Read more on CryptoTale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

SEC Allows Banks to Exclude Crypto Holdings from Balance Sheets

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