The tussle between the United States SEC and the cryptocurrency sectors is mainly popular. In recent years, the Securities and Exchange Commission has legally troubled dozens of crypto-based firms.
Hester Peirce, the Commissioner of the SEC, has criticized the regulator’s efforts and guidance over crypto custody. She also urges enhanced public interactions. Peirce is primarily known as ‘Crypto Mom.’
During the yearly SEC Speaks conference on April 2, 2024, Peirce notes that a “particularly pernicious weed” had flourished in the “secret garden” of SEC policy guidelines.
She spoke the above quoted statement in response to the Staff Accounting Bulletin 121 (SAB 121). She argued that the SAB 121 was issued with input from the banking sector, but it does not safeguard investors. Nevertheless, due to its capital implications, the giants, experienced banks, and broker-dealers are kept out of the crypto custody business.
“It is driving broker-dealers to allocat
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