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President Trump Eliminates SAB 121, Allowing Banks to Hold Bitcoin and Crypto Assets

Published

8 months ago

January 23, 2025

President Trump has formally eradicated a controversial directive from the US Securities and Alternate Fee that successfully prevented US banks from holding crypto belongings.

Simply the brand new administration withdrawn Employees Accounting Bulletin 121, which pressured banks to establish crypto belongings held on behalf of their clients as liabilities on their steadiness sheets.

A invoice geared toward repealing the directive handed each the Home of Representatives and the Senate final 12 months, however President Biden vetoed the invoice.

Whereas the problem is a high precedence amongst crypto advocates, eradicating the rule was not a marketing campaign promise.

Financial institution of America CEO Brian Moynihan just lately mentioned that US banks are able to seize the chance to take custody of crypto belongings.

“If the principles are available and make it an actual factor you can truly do enterprise with, you’ll discover that the banking system will intervene arduous on the transactional facet of it.”

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