President Trump has officially rescinded controversial guidelines from the US Securities and Exchange Commission that effectively banned US banks from holding crypto assets.
New management leadership in the SEC only Cancel Staff Accounting Bulletin 121, which forced banks to mark crypto assets held on behalf of their clients as liabilities on their balance sheets.
A bill aimed at eliminating the guideline passed the House and Senate last year, but President Biden made the bill happen.
Although the issue is a top priority among crypto supporters, removing the rule was not a campaign promise.
Brian Moynihan, CEO of Bank of America, said that US banks are ready to jump at the opportunity to custody crypto assets.
“If the rules came along and made it a real thing that you could actually transact with, you would find that the banking system would come down hard on the transactional side of it.”
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