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SEC’s Crypto Guidance Pushes US Banks to Rethink Custody Projects: Report

In March, the SEC said all U.S.-listed public companies that function as crypto custodians should account for their crypto exposure as liabilities instead of assets on their balance sheets, and disclose risks associated with those assets to investors. The custody of crypto assets by lenders present unique technological, legal and regulatory risks when compared to other assets, the SEC guidance said.