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RE: LeoThread 2025-05-30 12:16

in LeoFinance4 months ago

Crypto Custodian Provisions
The Staff Accounting Bulletin 121 (SAB121) passed by the SEC in 2022 required crypto custodians to record crypto assets and liabilities belonging to their clients in their own balance sheet. However, the CLARITY Act proposes a more logical approach.

Regulators like the SEC cannot ask digital asset custodians to record digital assets held by their clients on their own balance sheets. After all, the ‘asset belongs to the client, not the custodian.’