The banking associations argued that U.S. banks were “notably absent” as asset custodians for Bitcoin ETFs, despite them playing that role for other ETPs.
Major banks and financial institutions in the United States are pushing the Securities and Exchange Commission to readjust its definition of crypto assets — which could allow them to play a larger role in crypto, such as acting as custodians to the recently approved spot Bitcoin exchange-traded funds.
On Feb. 14, a trade group coalition comprising the Bank Policy Institute, American Bankers Association, Financial Services Forum, and Securities Industry and Financial Markets Association pled their case in a letter to SEC Chair Gary Gensler.
The group highlighted the recent approval of spot Bitcoin exchange-traded products in the U.S., noting that American banks were “absent” from the approved products as asset custodians.
