After a long -term lobby activities by the cryptographic industry, the US Securities and Exchange Commission has withdrawn the accounting rules of being forced to handle banks. Bitcoin Other tokens as responsible for balance sheets.
This guidance is a great deterrent for banks in Wall Street, which owns Bitcoin, and the new Trump administration has been held to make it easier for US companies and financial companies to handle cryptocurrencies. It was the latest of a series of actions.
The guidance, known as Staff Accounting Bulletin 121 or SAB 121, was introduced in 2022 and exposed digital assets to strict capital requirements. The measures have significantly increased financial and regulated risks to provide crypto protection services, raised the cost of financial institutions, and ultimately hinder wider participation by the crysteous of the crypto market.
Efforts to overturn SAB 121 gained a supervised support last year. However, President Joe Biden at the time refused the proposed law, left the rules as it was, and further prevented the use of digital assets in banks. Banks are mostly forbidden to expand their cryptocation beyond dedicating transactions and provide ETFs to Wealth Management Clients.
SEC Commissioner Hester Perth has been praised on Tuesday that it has been tapped to lead a new “Crypto Task Force” aimed at developing a comprehensive and clear regulation framework of cryptocians. ” did.
“Goodbye, goodbye SAB 121! It wasn’t interesting,” she wrote in X post late on Thursday at night.
The SEC’s decision to cancel the rules was announced in a announcement a few days after Gary Gensler, the former SEC chair and the vocal supporter of this measure, resigned from his role. Gensler defended the rules necessary to protect investors in the event of a bankruptcy at a cryptographic agency.
This week, in Davos, Switzerland, David Solomon, a Goldman saxophone CEO, says that banks cannot own bitcoin from CNBC, from a regulation perspective, and will reconsider the problem if the rules are changed. Ta. With Morgan Stanley CEO Bank of America President Donald Trump’s professional criptotone has also reconstructed the plan, and has shown the weight from the World Economic Forum about the potential to expand digital products.
-CNBC’s Jeffcox has contributed to this report.
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