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“…approach to banks and crypto.
Specifically, the resolution targeted the SEC’s Staff Accounting Bulletin 121, which presents guidance around how banks can handle customers’ crypto assets — in effect, they must treat those assets as liabilities. Banking groups have criticized this approach as making it prohibitively expensive for them to handle crypto, while regulators argue it’s necessary to protect investors, particularly after the collapse of high-profile crypto companies like FTX.”
Meh. If you're investing in crypto then you're accepting the risks.
If I underatand correctly, you're saying banks should be allowed to accept the risk of crypto market fluctuations and scams.
Unfortunately when banks lose bets, they effectivel hold the economy hostage until taxpayers bail them out.
Much better to tell them if they want to offer crypto holdings, they need to be able to cover total loss of it.
If that means banks can't hold crypto, I won't shed a tear.
No. I was referring to end users. But yes, I'd rather banks be barred from doing anything with it too if it means we're never responsible for bailing them out.
We're agreeing. I think i just worded it poorly.