Trump to Allow Banks to Hold Bitcoin and Crypto via Executive Order
- President-elect Trump plans to issue an executive order enabling banks to hold Bitcoin and other crypto assets for clients.
- The order will reverse a regulatory guideline affecting financial institutions’ handling of digital assets.
- This move aims to counteract SAB 121, an SEC guideline that mandates banks list customer-held crypto as liabilities.
- A bill to eliminate SAB 121 passed both legislative houses but was vetoed by President Biden.
The expected executive order from President-elect Trump will allow financial institutions to hold digital assets, reversing the SEC’s SAB 121 guideline that classifies these as liabilities. This follows a vetoed bill aimed at eliminating the guideline.
