Trump Administration Rescinds SEC Guideline on Crypto Assets
- President Trump eliminated a controversial SEC guideline, Staff Accounting Bulletin 121.
- The guideline required banks to list customer-held crypto assets as liabilities.
- A bill to remove the guideline passed Congress but was vetoed by President Biden.
- Bank of America CEO Brian Moynihan expressed readiness for banks to custody crypto assets.
The Trump administration has officially rescinded an SEC rule that classified customer-held crypto assets as bank liabilities, paving the way for U.S. banks to engage in cryptocurrency custody. This move aligns with statements from banking leaders eager to enter the crypto market.
Source (2.6)https://dailyhodl.com/2025/01/23/president-trump-eliminates-sab-121-allowing-banks-to-custody-bitcoin-and-crypto-assets/?rand=59076
