Financial Times Quotes Brian Daly on SEC’s Decision to Overturn Crypto Accounting Rule
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Akin investment management partner Brian Daly is quoted by Financial Times in an article titled, “US securities regulator opens door for Wall Street banks to hold crypto.” The piece examines the Securities and Exchange Commission’s decision to reverse a Biden administration guidance known as SAB 121, which called for banks to treat digital tokens held for customers as liabilities on balance sheets, making it costly to hold digital assets for clients.
Brian tells Financial Times that the old rule, “made it impossible for all the responsible banks and broker-dealers and financial intermediaries that we rely on to be crypto custodians.” He continues saying custody services were “a predicate to everything” for financial institutions when offering crypto services to customers.
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