U.S. Federal Reserve chairman Jerome Powell said the central bank is looking into the SECGov’s recently-released directive on digital assets custody. By jesseahamilton
that customers’ assets may be caught up with the company’s in a hypothetical bankruptcy. That admission caused some fear among customers, though the company argued it wasn’t a signal about the company’s health.Coinbase Has No Risk of Bankruptcy, New 10-Q Disclosure Language Is SEC Requirement, CEO Armstrong Says
"Custody assets are off balance sheet, have always been,” Powell told the Senate Banking Committee. “The SEC made a different decision as it relates to digital assets for reasons it explained, and now we have to consider those.” As it relates to the banks the Fed oversees in the U.S., Powell said the SEC’s interpretation is “certainly something we're focusing on very closely right now,” adding that his agency is working with other banking regulators to figure out how it might change the way they assess lenders that keep cryptocurrencies.
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