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The Security and Exchange Commission’s accounting bulletin 121 requires companies, including banks, to hold crypto assets for clients as a liability on their balance sheets. This makes it inefficient for large banks to offer crypto custody services.
“SAB 121 represents a significant departure from longstanding accounting treatment for custodial assets and threatens the industry’s ability to provide its customers with safe and sound custody of digital assets.” Bloomberg’s Amanda Iacone said that banks and financial institutions can bypass the controversial accounting guidance if they implement measures to offset risks associated with crypto assets. This would involve ensuring customer asset protection in case of bankruptcy or failure.Moreover, several large banks have been in consultation with the SEC since 2023 and have received approval to bypass balance sheet reporting under certain conditions.
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