The Huge Demand for Spot Bitcoin ETFs Has U.S. Banks Begging the SEC to Relax Accounting Rules So They Can Get Into the Crypto Custody Business

On February 14, 2024, a significant development unfolded in the financial regulatory landscape as four leading financial associations—the Bank Policy Institute (BPI), the American Bankers Association (ABA), the Financial Services Forum (the Forum), and the Securities Industry and Financial Markets Association (SIFMA)—jointly addressed a letter to Gary Gensler, Chair of the U.S. Securities and Exchange