Regulation News: US Congressmen Push for Banks to Custody Cryptocurrency

Wednesday, 25 September 2024, 03:12

Regulation news highlights that 42 US Congressmen are urging the SEC to allow banks to custody cryptocurrency. This push for regulation aims to ease restrictions on crypto storage within banking institutions.
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Regulation News: US Congressmen Push for Banks to Custody Cryptocurrency

Regulation News: US Congressmen Request SEC Action

In a recent letter to the US Securities and Exchange Commission (SEC), 42 US Congressmen urged the agency’s chair, Gary Gensler, to allow banks to custody cryptocurrency. The US SEC previously permitted public companies not to report their customers’ crypto holdings on their balance sheets in July, provided they countervail risks against customers.

Signatories Support Bank Crypto Custody

Patrick McHenry, Cynthia Lummis, French Hill, and Tim Scott are notable among the 42 signatures backing bank crypto custody. The letter emphasizes easing restrictions for banks storing cryptocurrency.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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