SEC Revokes SAB 121 Policy Allowing Banks to Custody Crypto

The SEC announced Staff Accounting Bulletin (SAB) No. 122, canceling the previous guidance under SAB 121, which discouraged banks from holding Bitcoin in custody. This means banks and traditional financial institutions can now offer crypto services without significant regulatory hurdles. US Banks Can Custody Bitcoin  SAB 121 required companies holding crypto-assets for their customers (like... source: https://beincrypto.com/sec-sab-122-banks-to-custody-bitcoin/