According to sources, the bank successfully argued in closed-door consultations with Securities Exchange Commission staff that wallets and spot bitcoin exchange-traded products should be exempt from cryptocurrency guidance. Aaron Jacob, head of accounting solutions at TaxBit, which provides crypto accounting products to exchanges and investors, said Financial Institution Group is increasingly eager to participate in the crypto industry, especially now that the Securities Exchange Commission has approved spot bitcoin products. Previously, it was reported that the SEC allowed certain companies to circumvent controversial cryptocurrency accounting announcements