Wall Street’s securities watchdog has made it easier for banks to expand their cryptocurrency businesses by overturning a Biden administration rule that made it prohibitively expensive to hold digital assets.
In one of the first pro-crypto moves of Donald Trump’s second presidency, the Securities and Exchange Commission late on Thursday reversed guidance known as SAB 121, which had called for institutions to treat digital tokens held for customers as liabilities on balance sheets.
The shift underscores expectations that Trump will take a far more welcoming approach towards the digital asset sector, undoing the more sceptical stance the SEC took during Joe Biden’s administration.
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