During a speech on Sept. 9, Paul Munter, chief accountant for the United States Securities and Exchange Commission, appeared to backpedal on the SEC’s Staff Accounting Bulletin-121 (SAB-121) measures limiting banks from providing digital asset custody services to clients. According to ananalysis from Galaxy head of research Alex Thorn, Munter provided exemption criteria that would allow bank holding companies and introducing brokers to circumvent the custody provisions laid out in SAB-121. Banks can avoid the SAB-121 reporting requirements if they receive written permission from state regulato…