US Banks Rally For Updated Crypto Guidelines As Digital Asset Prices Surge
Summary
Cryptocurrency prices surged, reaching a $1.93 trillion market cap. US banking trade groups urged the SEC to revise accounting rules for holding digital assets, arguing that current guidance imposes high costs and limits expansion of custody services. Lawmakers introduced resolutions to repeal the guidance, facing uncertain outcomes. Institutional interest in cryptocurrencies, particularly Bitcoin, has grown, leading to regulatory changes and swift success of Bitcoin spot ETFs.
