SEC Revokes Accounting Guidance on January 24, 2025, Easing Crypto Adoption for Banks During Trump's Second Presidency

The U.S. Securities and Exchange Commission (SEC) has revoked accounting guidance that previously hindered the cryptocurrency industry’s ability to collaborate with banks. This decision, made on January 24, 2025, repeals a rule that was seen as a barrier to Wall Street banks adopting crypto assets. The SEC's move is viewed as a significant shift towards facilitating banks' engagement in cryptocurrency businesses, marking one of the first pro-crypto actions during Donald Trump's second presidency. The guidance had been criticized by the crypto sector for making it prohibitively expensive to hold digital assets.