President Trump just made it easier for US banks to get involved with cryptocurrencies. He overturned a rule that basically stopped banks from holding crypto for their customers.
Goodbye, SAB 121
The rule, called Staff Accounting Bulletin 121 (SAB 121), forced banks to list customer-held crypto as a liability on their financial statements. This made banks hesitant to handle crypto. While a bill to get rid of SAB 121 passed Congress last year, President Biden vetoed it. This move by President Trump wasn’t part of his campaign promises, but it’s a big win for the crypto community.
Banks Ready to Dive In
Bank of America’s CEO, Brian Moynihan, has already stated that banks are eager to start offering crypto custody services. He believes that once the regulatory hurdles are cleared, banks will quickly get involved in the crypto transaction business.