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Primary reason cited for financial institution's non-compliance with SAB 121 by June 30, 2024?
2
Resolution / Starting Odds
Technical limitations • 25%
Regulatory uncertainty • 25%
Cost of compliance • 25%
Lack of demand • 25%
Official statements from financial institutions, news reports
Story
SEC Reaffirms Stance on Crypto Custody Rule SAB 121 for Banks
Sep 10, 2024, 06:49 AM
The Securities and Exchange Commission (SEC) has reiterated its stance on cryptocurrency custody rules, specifically SAB 121. This rule restricts regulated financial institutions, including banks, from providing crypto custody services unless they meet specific exceptions, such as recording a liability for holding crypto assets. SEC Chief Accountant Paul Munter emphasized that the agency is not changing its position on this matter. The SEC also warned crypto investors to use only approved digital exchanges and platforms for trading.
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Regulatory Burden • 25%
Operational Costs • 25%
Market Conditions • 25%
Other • 25%
Increased lobbying • 25%
Legal challenges • 25%
Compliance adjustments • 25%
No significant response • 25%
Yes • 50%
No • 50%
Lack of bipartisan support • 25%
Lobbying by research institutions • 25%
Public opposition • 25%
Other • 25%
Yes • 50%
No • 50%
SAB 121 is rescinded • 25%
SAB 121 is modified • 25%
SAB 121 remains unchanged • 25%
Other • 25%
Technical challenges • 25%
Security concerns • 25%
Regulatory issues • 25%
Lack of consensus • 25%
Insurance • 25%
Third-party custodians • 25%
Collateralization • 25%
Other • 25%
Yes • 50%
No • 50%
Funds fully frozen • 33%
Partial freezing of funds • 33%
Funds not frozen • 33%