4 financial associations requested SEC for modification on SAB 121

[Jating]

https://www.aba.com/-/media/documents/letters-to-congress-and-regulators/jointclsec20240214.pdf

I'm no banking expert, and so I'm asking others who have knowledge or at least understand what's the request of the American Bankers Association (“ABA”) and other groups to SEC's Chairman Gary Gensler's.

It did mentioned Bitcoin Spot ETP in the official document and so I'm curious as to what changes they want?

Are they asking that at least regulatory bodies be lenient for now specially for Bitcoin related in safeguarding their clients assets?

[1715306037]

1715306037

[franky1]

BIS(Bank of international settlements) are already planning that banks internationally will be able to custodianise crypto from january 2025
the only poking and prodding left to decide on until then is the % risk of collateral(reserves) that can be in crypto form
BIS advised 2%. banks want 5% plus..
they will pingpong their reasons for each side and come to an agreement before january 2025

Major Banks to Disclose Crypto Holdings from 2025 - media
https://www.financemagnates.com/cryptocurrency/bis-major-banks-to-disclose-crypto-holdings-from-2025/

Banks Would Have to Disclose Crypto Holdings Under New BIS Plan - media
https://www.coindesk.com/policy/2023/10/05/embargo-banks-must-disclose-crypto-holdings-as-regulators-rake-over-signature-collapse/

Prudential treatment of cryptoasset exposures - bis
https://www.bis.org/bcbs/publ/d545.pdf

[arabspaceship123]

It's like American govt decided it doesn't want crypto holdings to be private so if you're their citizen they want to know info about your crypto. I don't know why they're doing it. If they're doing it because they'll tax ppl they want info it makes sense but I don't know other reasons for their policies.