When banks beg for Bitcoin. If some retrograde bankers, like the boss of JP Morgan, are still insulting Bitcoin (while exploiting its technologies), more and more banks are now showing their powerful desire to flirt with the king of crypto-assets. Large banking associations in the United States are imploring the Securities and Exchange Commission (SEC) to kindly let the banks take advantage of the juicy windfall of spot Bitcoin ETFs.
All these bankers eagerly want to welcome Bitcoin!
What dramatic change in attitude in a few years from bankers. Even if some dinosaur bankers have still not understood the enormous potential of Bitcoin and cryptocurrencies, many others have become more than interestedand want their piece of the delicious cake.
It’s a real plethora of them who has just sent a letter (of supplication) to Gary Genslerthe very anti-crypto president of the Securities and Exchange Commission. These are in fact no less than 4 associations and groups of American bankers and financiers who are concerned here:
- THE Bank Policy Institute (BPI) ;
- L’American Bankers Association (ABA) ;
- THE Financial Services Forum ;
- and the Securities Industry and Financial Markets Association (SIFMA).
Everyone is eagerly asking the SEC for one thing: that their banks be able to ensure custody of bitcoins of the 11 spot ETFs approved on January 10! Knowing that these famous ETFs barely spot BTC validated (certainly reluctantly) by Gary Gensler, the latter announced continue its war against the crypto sector. The task therefore promises to be tough for the banks to convince the head of the SEC.
Gary Gensler and the SEC facing pressure from bankers
However, this does not prevent bankers from denouncing what they consider to be an injustice : not being able to be depositary valuable and desirable bitcoins from exchange-traded funds, freshly listed a month ago.
Bankers are therefore begging the SEC to reconsider THE Staff Accounting Bulletin 121 (SAB 121), because this regulation blocked to keep large quantities of bitcoins (and other cryptocurrencies).
” The Commission [des valeurs mobilières] recently approved 11 Bitcoin spot ETPs, allowing investors to access the asset class through a regulated product. However, banking organizations that serve as custodians of assets, a role they routinely play for most other ETPs, are notably absent from these approved products. These ETPs have already seen billions of dollars in inflows, but it is virtually impossible for banks to serve as custodians for these ETPs on a large scale (…). »
Great white sharks of finance like asset managers BlackRock and Fidelity Spotted Bitcoin ETF Bargain. Banks, once critical (even slanderous) of Bitcoin, now also want to profit from cryptocurrency, in claiming “regulated products” now approved by the SEC. Wouldn’t it especially be the most $4 billion in net BTC deposits (in barely a month of trading) which all these bankers envy?