1. Short title This Act may be cited as the Uniform Treatment of Custodial Assets Act . 2. Accounting treatment of custody activities (a) In general The appropriate Federal banking agency, the National Credit Union Administration (in the case of a credit union), and the Securities and Exchange Commission may not require or take supervisory action that would cause a depository institution, national bank, Federal credit union, State credit union, trust company, or any affiliate thereof— (1) except as provided in subsection (b), to include assets held in custody or safekeeping, or the assets associated with a cryptographic key held in custody or safekeeping, as a liability on such institution’s financial statement or balance sheet; (2) to hold additional regulatory capital against assets in custody, or safekeeping, or the assets associated with a cryptographic key held in custody or safekeeping, except as necessary to mitigate against operational risks under regulations with general application, as determined by— (A) the appropriate Federal banking agency or State bank supervisor; (B) the National Credit Union Administration (in the case of a credit union); or (C) a State credit union supervisor