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Gate Square New & Returning Creator Rewards are ongoing!
Your ideas may be more valuable than you think!
Make your first post or come back post to share a $20,000 monthly prize pool!
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SEC LIFTS CONTROVERSIAL ACCOUNTING RULE ON CRYPTOCURRENCIES
The U.S. Securities and Exchange Commission (SEC) has repealed the accounting rule called "SAB 121", which required banks to report crypto assets as liabilities on their balance sheets and made it difficult for financial institutions to provide crypto custody services.
This step aims to remove the barriers to banks offering cryptocurrency custody services and to encourage financial institutions to participate more actively in the digital asset market.
This decision by the SEC is considered to be a step in line with the positive policies of US President Donald Trump towards cryptocurrencies. During his election campaign, Trump promised to make the US the "crypto capital of the planet and the Bitcoin superpower of the world."
In addition, the Trump administration has also implemented an executive order envisaging the establishment of a working group on cryptocurrencies.
These developments indicate a more flexible approach to regulating the cryptocurrency market in the US and to financial institutions offering digital asset services.
Ultimately, the SEC's cancellation of SAB 121 and the Trump administration's positive policies towards cryptocurrencies could be a significant turning point for the development of the cryptocurrency market in the United States.
#GateOpinionQuest #CryptoObservers #gateio
- The information in this article is never investment advice and is for accurate and up-to-date information purposes. STAY AWAY FROM SPECULATION, FOLLOW FOR SCIENTIFIC ARTICLES❗️ Be sure to do your own research❗️