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The new administration just rescinded Staff Accounting Bulletin 121, which forced banks to identify crypto assets held on behalf of their customers as liabilities on their balance sheets.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 rule 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.”

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post President Trump Eliminates SAB 121, Allowing Banks To Custody Bitcoin and Crypto Assets appeared first on The Daily Hodl.

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The new administration just rescinded Staff Accounting Bulletin 121, which forced banks to identify crypto assets held on behalf of their customers as liabilities on their balance sheets.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 rule 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.”

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post President Trump Eliminates SAB 121, Allowing Banks To Custody Bitcoin and Crypto Assets appeared first on The Daily Hodl.