President Trump has officially eliminated a controversial guideline of the American Securities and Exchange Commission that prevented American banks prevented effectively maintaining crypto assets.
The new leadership of the Government at the SEC has just withdrawn Staff Accounting Bulletin 121, that forced banks to identify crypto assets that are arrested on behalf of their customers as liabilities on their balance sheets.
A bill that aimed to abolish the directive was hired last year by both the House of Representatives and the Senate, but President Biden spoke his veto about the bill.
Although the issue is a top priority among crypto proponents, scrapping the rule was not a campaign blade.
Brian Moynihan, CEO of Bank of America, recently said that American banks are ready to seize the chance of taking crypto assets in custody.
“If the rules come and make a real thing that you can actually do business with, you will find that the banking system will intervene hard on the transactional side of it.”
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