President Trump has officially eliminated a controversial directive from the US Securities and Exchange Commission that effectively prevented US banks from holding crypto assets.
The new administration leadership at the SEC just repealed staff crackdown Bulletin 121, which forced banks to identify crypto assets held on behalf of their customers as liabilities on their balance sheets.
A bill aimed at eliminating the directive passed both the House and Senate last year, but President Biden vetoed the bill.
While the issue is a top priority among crypto advocates, removing the rule was not a campaign promise.
Bank of America CEO Brian Moynihan recently said that US banks are ready to take the chance on crypto assets.
“If the regulations come in and really make it something that you can actually do business with, you’re going to find that the banking system is going to come in hard on the transaction side.”
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