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Cumberland Morning Color
Good Morning and Happy Monday from Cumberland APAC! Last week was fairly headline dense (and markets moved accordingly), and this week looks to be somewhat similar. The most interesting storyline of last week, which will bear watching this week as well, is the movement on SAB 121. SAB 121 is the rule which imposes prohibitive capital requirements on financial institutions custodying crypto; it requires banks to treat client crypto under custody as a liability; it essentially blocks the largest and frankly safest institutions from offering crypto custody. A repeal of SAB 121 last week passed through both the House and the Senate. What is interesting here is that the White House had announced before the vote that if it passed through the...