In a major change for the banking sectors and American cryptocurrencies, President Trump officially revoked a controversial rule imposed by the Securities and Exchange Commission (SEC).
The regulations, known as the staff accounting bulletin 121, obliged banks to classify cryptographic assets held in the name of customers as passive, creating important obstacles for institutions that seek to enter the space of digital assets.
THE repeal Mark the outcome of the efforts that started with a bill adopted by the Chamber and the Senate last year. Although former President Biden has opposed his veto to the legislation, the new administration has not lost time to cancel the directive, signaling a more friendly Crypto position.
This development opens the door to American banks to engage directly with cryptocurrency care services. The CEO of Bank of America, Brian Moynihan, has already expressed his enthusiasm for the opportunity, declaring that if clear rules are in place, the banking sector is ready to adopt transactions linked to the large -scale crypto.
Although the abolition of this rule is not the cornerstone of President Trump’s campaign promises, it responds to a critical concern for defenders of digital assets. The change should open the way to banks to integrate cryptocurrency into their services, potentially accelerating traditional adoption in the financial sector.
