diff --git a/CHANGELOG.md b/CHANGELOG.md
index 30cc4e23f3..2fc5aee4e2 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -130,6 +130,7 @@ that allows for arbitrary vesting periods.
 
 ### Improvements
 
+* (keys) [\#5091](https://github.com/cosmos/cosmos-sdk/issues/5091) Changed prefixes using `SetBech32PrefixForAccount(), SetBech32PrefixForValidator(), SetBech32PrefixForConsensusNode()` methods are respected in `keys parse`.
 * (server) [\#4215](https://github.com/cosmos/cosmos-sdk/issues/4215) The `--pruning` flag
 has been moved to the configuration file, to allow easier node configuration.
 * (cli) [\#5116](https://github.com/cosmos/cosmos-sdk/issues/5116) The `CLIContext` now supports multiple verifiers
@@ -149,7 +150,6 @@ chain ID and node URI or client set. To use a `CLIContext` with a verifier for a
     context.CreateVerifier(sideCtx, context.DefaultVerifierCacheSize),
   )
   ```
-
 * (modules) [\#5017](https://github.com/cosmos/cosmos-sdk/pull/5017) The `x/auth` package now supports
 generalized genesis accounts through the `GenesisAccount` interface.
 * (modules) [\#4762](https://github.com/cosmos/cosmos-sdk/issues/4762) Deprecate remove and add permissions in ModuleAccount.
diff --git a/client/keys/parse.go b/client/keys/parse.go
index b76b530ab6..3010f3205b 100644
--- a/client/keys/parse.go
+++ b/client/keys/parse.go
@@ -17,14 +17,17 @@ import (
 	sdk "github.com/cosmos/cosmos-sdk/types"
 )
 
-var config = sdk.GetConfig()
-var bech32Prefixes = []string{
-	config.GetBech32AccountAddrPrefix(),
-	config.GetBech32AccountPubPrefix(),
-	config.GetBech32ValidatorAddrPrefix(),
-	config.GetBech32ValidatorPubPrefix(),
-	config.GetBech32ConsensusAddrPrefix(),
-	config.GetBech32ConsensusPubPrefix(),
+func bech32Prefixes() []string {
+	config := sdk.GetConfig()
+
+	return []string{
+		config.GetBech32AccountAddrPrefix(),
+		config.GetBech32AccountPubPrefix(),
+		config.GetBech32ValidatorAddrPrefix(),
+		config.GetBech32ValidatorPubPrefix(),
+		config.GetBech32ConsensusAddrPrefix(),
+		config.GetBech32ConsensusPubPrefix(),
+	}
 }
 
 type hexOutput struct {
@@ -45,6 +48,7 @@ type bech32Output struct {
 }
 
 func newBech32Output(bs []byte) bech32Output {
+	bech32Prefixes := bech32Prefixes()
 	out := bech32Output{Formats: make([]string, len(bech32Prefixes))}
 	for i, prefix := range bech32Prefixes {
 		bech32Addr, err := bech32.ConvertAndEncode(prefix, bs)