According to a new report, President-elect Trump will issue an executive order that will allow banks and financial institutions to hold Bitcoin (BTC) and crypto assets on behalf of their customers.
The coming order will undo a regulatory directive that governed how financial institutions process and store digital assets, the Washington Post reports.
“…Trump is expected to issue executive orders on the first day of his presidency that could address issues including ‘de-banking’ and the repeal of a controversial crypto accounting policy that requires banks that hold digital assets to list them as liabilities count the bank’s own balance sheet. magazine, according to a person involved in the conversations.”
The expected executive order aims to roll back SAB 121, an SEC directive that requires certain financial entities to list even the crypto assets they hold on behalf of customers as liabilities.
Crypto advocates say the directive blocks financial institutions’ ability to enter the digital asset arena.
A bill aimed at repealing SAB 121 recently passed both the House of Representatives and the Senate, but President Biden vetoed the bill.
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