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🌙 SEC Ruling Allows Banks to Custody Crypto

By reversing its SAB121 Guidance, the Securities and Exchange Commission is allowing banks to keep customer’s crypto in their own balance sheets.

Author

Mike Gavela
January 24, 2025

Crypto Roundup - January 24

The SEC has granted approval for banks to custody cryptocurrencies, marking a significant shift in regulatory stance and potentially boosting crypto adoption by mainstream financial institutions. Meanwhile, the cryptocurrency RUNE saw a sharp decline as THORChain announced the pause of its THORFi services due to financial restructuring. In another development, Coinbase's CEO Brian Armstrong proposed that the firm should hold 11% of its reserves in Bitcoin to strengthen its balance sheet and align more closely with the crypto ecosystem.

Top Stories

  • SEC Approves Banks to custody cryptocurrencies, a major regulatory update.

  • RUNE Value Drops significantly as THORChain pauses its THORFi services.

  • Coinbase Proposes 11% Bitcoin reserve, suggesting a strategic reserve adjustment.

TOP STORIES

SEC Ruling Allows Banks to Custody Crypto - "The Defiant"

In one of its first substantive actions affecting the cryptocurrency industry, the newly Republican-controlled Securities and Exchange Commission (SEC) withdrew a piece of guidance that effectively prohibited banks from custodying crypto for customers.

thedefiant.io/news/regulation/sec-ruling-allows-banks-to-custody-crypto

RUNE Plummets as THORChain Pauses THORFi Services Amid Financial Restructuring - "The Defiant"

THORChain halted the Savers and Lending programs in a bid to address a $200M deficit, causing the RUNE token to plunge 30% in 24 hours.

thedefiant.io/news/defi/rune-plummets-as-thorchain-pauses-thorfi-services-amid-financial-restructuring

Coinbase’s Brian Armstrong Calls For 11% Bitcoin Reserve - "The Defiant"

Coinbase Chief Executive Officer Brian Armstrong jumped solidly into the strategic bitcoin reserve argument on Jan. 24, arguing that any country with gold reserves should also have a bitcoin reserve of at least 11%.

thedefiant.io/news/blockchains/coinbase-s-brian-armstrong-calls-for-11-bitcoin-reserve

FUNDRAISING

OTHER HEADLINES

Former CoinDesk exec calls out Justin Sun at Davos awards

Former CoinDesk Chief Content Officer Michael Casey complained about Justin Sun's role in removing an article from the crypto outlet.

protos.com/former-coindesk-exec-calls-out-justin-sun-at-davos-awards

Grayscale and CoinShares target new crypto ETFs including Litecoin, Solana, and XRP

Grayscale and CoinShares file for Litecoin, Solana, and XRP ETFs as the SEC under Trump establishes a pro-crypto regulatory framework.

cryptobriefing.com/crypto-etfs-litecoin-solana-xrp

Europe Needs Digital Euro, Central Bank Says After Trump Order Barring US CBDC - Decrypt

President Trump took a hardline stance against an American CBDC—but now the European Central Bank is even more eager about a digital euro.

decrypt.co/302596/europe-needs-digital-euro-central-bank-trump-order

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