President-elect Trump will issue an executive order that will effectively allow banks and financial institutions to hold Bitcoin (BTC) and cryptocurrency assets on behalf of their clients, according to a new report.
The incoming order will reflect regulatory guidelines that have shaped how financial institutions account for and hold digital assets. Reports The Washington Post.
“…Trump is expected to issue executive orders on the first day of his presidency that could address issues including “de-banking” and rescinding a controversial cryptocurrency accounting policy that requires banks that hold digital assets to count them as liabilities on their bank notes, according to a person. Participant in conversations.
The expected executive order is designed to reverse SAB 121, a Securities and Exchange Commission (SEC) guideline that requires certain financial entities to list even cryptocurrency assets they hold on behalf of clients as liabilities.
Cryptocurrency advocates say the guideline blocks the ability of financial institutions to enter the digital asset arena.
A bill aimed at repealing SAB 121 recently passed the House and Senate, but President Biden vetoed the bill.
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