The U.S. Securities and Exchange Commission (SEC) has officially repealed its Staff Accounting Bulletin 121 (SAB 121), replacing it with SAB 122, which eases restrictions on banks offering cryptocurrency custody services. This policy shift, enacted under the Trump administration and acting SEC Chair Mark Uyeda, allows financial institutions to treat cryptocurrencies held for clients under established accounting standards, rather than as liabilities on their balance sheets. The change has been welcomed by industry stakeholders, including SEC Commissioner Hester Peirce, House Financial Services Committee Chair French Hill, Senator Cynthia Lummis, and Michael Saylor of MicroStrategy, and is seen as a move towards a more supportive regulatory environment for digital assets. Concurrently, Morgan Stanley CEO Ted Pick announced that the bank is exploring potential cryptocurrency offerings for its clients, collaborating with U.S. regulators including the Treasury to ensure safe and compliant integration of digital assets into its services.