SEC Blocks Goldman Sachs, JPMorgan and Deutsche Bank From Entering Bitcoin!

As is known, the SEC cryptocurrencies takes an aggressive stance.

In this context, the SEC in March, cryptocurrency He said that all U.S.-listed public companies that act as guardians must account for their cryptocurrency exposures on their balance sheets as liabilities rather than assets.

The SEC also crypto- stated that they should explain the risks associated with currencies to their customers.

According to SEC guidance, cryptocurrencies Its holding by banks creates technological, legal and regulatory risks compared to other assets.

ReutersAccording to a report published today, banks’ cryptocurrency projects were published by the SEC in March. cryptocurrency showed that he was upset and disrupted by his guide.

In that report US Bancorp, Goldman Sachs, JPMorgan, BNY Mellon, Wells Fargo, Deutsche Bank, State Street Corp. and BNP Paribas took place.

The report stated that while the SEC’s guidance applies to all publicly traded companies, it especially makes it difficult for banks to work on cryptocurrencies.

The following statements were included in the report:

“The SEC’s guidance on cryptocurrencies has had to stop moving forward with their crypto plans until any further action comes from the SEC and banking regulators.

Because banks keep cryptocurrencies on their balance sheets as liabilities, not assets.

This means banks have to hold cash to cover the debts on their balance sheets in exchange for cryptocurrencies held as loans on behalf of their customers, which is very difficult for banks.”

In the report, Nadine Chakar, president of State Street Digital, said that the SEC’s guidelines themselves crypto- He said it did not prevent him from providing custody services, but that this is now economically difficult for banks. chakar, “Cryptocurrencies are not our assets, they should not be on our balance sheet” said.

A spokesperson for BNY Mellon did not comment on crypto custody, but “BNY Mellon believes that digital assets are permanent and increasingly becoming a part of finance” said.

A spokesperson for US Bancorp is still Bitcoin (BTC) provide custody services but assess the evolving regulatory environment BTC He said that they did not recruit additional customers for the custody service.