Jake Chervinsky Missing from your overview is SAB121 which changes accounting for companies safeguarding crypto. For any public company in this space, itโs a big disruptive change.
Coin Bureau For stablecoins, there is generally less sensitivity on posting your reserve balance as the funds are held at TPs, some or all of which are FDIC insured. For SAB121 reserves, there is an increased physical security risk if the world knows how much you hold in self custody a safe
Ram Ahluwalia, higher for longer crypto CFA if the SEC wanted banks or publicly traded companies to custody crypto then why did they issue SAB121?
James Lavish SAB121 is a killer for banks though. Another huge blunder by the SEC, inventing really stupid new accounting rules for SEC filers for crypto custody services without discussing it with the FASB. And... still ambiguity under IFRS which is more common in the rest of the world...
Mattias Lamotte Arie Spalter Nick Winkler Further supporting the position that the SEC is overstepping by releasing this SAB is the SEC's own Hester Pierce:
sec.gov/news/statementโฆ
(released alongside SAB121)
zzzzzzs Evol 1 Grayscale Coinbase ๐ก๏ธ Sadly thatโs due to the rules the SEC put in place, not Coinbaseโs choice or any other crypto service in existence for that matter. See SECโs SAB121. Your only other choice is to self-custody, which you should absolutely do if you want to be your own security
New pro- #DLT pro- #Blockchain guidance out from NCUA.
My โtrue-northโ as a regulator is ensuring #CreditUnions donโt become Blockbuster Video because they arenโt allowed to compete.
ncua.gov/regulation-supโฆ
Mattias Lamotte Arie Spalter Nick Winkler The SEC is requiring a liability way beyond the scope of just assets where the custodian controls keys. SAB121 is incredibly far reaching, poorly thought out, and a departure from GAAP.
The SEC absolutely did not give appropriate thought to the implications of the SAB.
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