Fed Chair Powell Reaffirms Stance on Custody Assets Amid SEC Crypto Rule Controversy

On Wednesday, Federal Reserve Chair Jerome Powell testified earlier the U.S. House Financial Services Committee, wherever Congressman Josh Gottheimer (D-NJ) questioned him astir the SEC’s Staff Accounting Bulletin (SAB) 121. This bulletin mandates that banks see integer assets held successful custody connected their equilibrium sheets, importantly raising the outgo of providing integer plus custody services. […]