Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

US Officials to Push for Firewalled Crypto Accounts: CoinDesk

May 18, 2022, 7:53 PM

The Biden administration will press for Congress to include a requirement for crypto exchanges to firewall customer funds from their own corporate funds in case of bankruptcy in any legislation on crypto, CoinDesk reports, citing a person familiar with the plan.

  • Move comes in the wake of Coinbase’s disclosure that customer money might have some risk in case of bankruptcy due to the lack of legal certainty
  • NOTE: Coinbase Says No Bankruptcy Risk Amid Black Swan Event

To contact the reporter on this story:
Patrick McHale in New York at pmchale7@bloomberg.net

To contact the editors responsible for this story: ...