President Trump has officially eliminated a controversial guideline from the U.S. Securities and Exchange Commission that effectively prevented US banks from holding crypto assets.
The administration’s new leadership at the SEC just rescinded Staff Accounting Bulletin 121, which forced banks to identify crypto assets held on behalf of their customers as liabilities on their balance sheets.
A bill aiming to eliminate the guideline passed both the House and the Senate last year, but President Biden vetoed the bill.
Although the issue is a top priority among crypto proponents, the removal of the rule was not a campaign promise.
Bank of America CEO Brian Moynihan recently said American banks are ready to jump at the chance to custody crypto assets.
“If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it.”
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