Insider Information: Banks claim in discussions with the SEC that wallet and spot Bitcoin ETFs should not be within the scope of crypto guidance

Sources say that banks have successfully argued in closed-door consultations with the staff of the U.S. Securities and Exchange Commission that wallet and spot Bitcoin exchange-traded products should not fall within the scope of cryptocurrency guidance. Aaron Jacob, head of accounting solutions at TaxBit, which provides crypto accounting products for exchanges and investors, said financial institutions are increasingly eager to participate in the crypto industry, especially now that the U.S. Securities and Exchange Commission has approved spot Bitcoin products. As previously reported by Golden Finance, the US SEC allows certain companies to evade controversial cryptocurrency accounting announcements.