Lawmakers in the USA are discussing a resolution that would permit banks to hold crypto assets on behalf of their clients.
The House Financial Services Committee (HSFC) has approved a resolution that aims to reverse the United States Securities and Exchange Commission’s SAB 121 rule. It has prevented banks from offering crypto custody services.
What is Crypto Custody?
Crypto custody refers to the practice of storing private keys in an independent wallet that is not owned by a crypto exchange. Thus giving sole responsibility for protecting security and risk to the wallet’s owner.
Cryptocurrency solutions are self-governing security and storage environments created to store large volumes of crypto coins and tokens. The market may have seen institutional capital entering the cryptocurrency ecosystem with one of the latest developments in the space.
Benefits of Crypto custody
A crypto custody solution provides enhanced security, professional expertise, and seamless cry
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