Wall Street Securities Regulatory Agency has overturned one of the provisions of the Biden government, making it easier for banks to expand its cryptocurrency business. This provision has made the cost of holding digital assets too high.
As one of Donald Trump's first batch of the first batch of measures to support cryptocurrencies, the US Securities and Exchange Commission overturned the guidance named SAB 121 later on Thursday. Some digital tokens are deemed to be liabilities on the balance sheet.
This transformation highlights people's expectations, that is, Trump will adopt a more welcome attitude towards the digital asset industry, thereby eliminating the more skeptical position adopted by the US Securities and Exchange Commission during the administration of Joe Biden.
Mainstream groups have become more interested in crypto assets and technology. Blalee CEO Larry Fink has called on the US Securities and Exchange Commission to "quickly approve" the company's ability to create tokens supported by stocks and bonds.
As a sign of Trump's more supporting cryptocurrency strategy, the President also issued an administrative order on Thursday, listing his priority in cryptocurrencies, and called on cabinet officials to submit a report a few months later, proposed that he proposed that he made a report and proposed that he made a report and proposed that he proposed that he made a report and proposed that he proposed that he made a report and proposed that he proposed that he proposed that he proposed that he made a report and proposed that he proposed that he proposed that he made a report and proposed that Suggestions for supervision and legislative proposals.
Although Trump chose to lead SEC Paul Atkins, is still waiting for the confirmation of the US Senate, but the agent Chairman Mark Uyeda and another Republican member Hrstpier ( Hester PEIRCE has allowed regulatory agencies to take a more friendly orbit for cryptocurrencies, formed a working group and dissolved SAB 121.
Mark Palmer, the Benchmark Company stock research analyst, said that SAB 121 "created a punitive framework that effectively prevented Bank of America from providing custody services for Bitcoin and other cryptocurrencies. "Traditional banks will now be able to provide cryptocurrency custody services without facing factual punishment."
Even before the US Securities and Exchange Commission took action, as Trump and his allies in administrative and legislators paved the way for digital assets, large US banks eagerly looked forward to attracting cryptocurrency customers.
Rick Wurster, CEO of Jiaxin Financial Management, told analysts at the call conference call: "We really want to provide spot cryptocurrencies. It will allow us to do this. "" This week.
The American Association and other industry lobners called on Bayeng to formally oppose the SEC guidance after passing relevant measures in May 2024 after passing through relevant measures in May 2024.
Kevin Fremer, chairman of the financial service forum on behalf of the largest bank, said: "This is a step in the correct direction."
Brian Dala, a lawyer of Akin Gump (Akin Gump), pointed out that when financial institutions provide encrypted services to customers, the hosting service is the "prerequisite for everything." Dali said that the old rules "basically that all responsible banks, brokerage traders and financial intermediaries that we rely on we rely on cannot become cryptocurrency custodians."
On Friday, the price of Bitcoin rose more than 1.5%to about $ 105,800, which was less than $ 109,000.