01.24.25

SEC Paves Way for Wall Street Banks To Hold Crypto

by: Pete Gannon

The U.S. Securities and Exchange Commission (SEC) has reversed an accounting rule that deterred banks from participating in crypto services. The move to rescind the guidance, known as SAB 121, comes as Wall Street prepares to expand their digital asset businesses in light of a changing regulatory landscape under the new administration. SAB 121, issued by the SEC in 2022, said that any bank that held digital assets on behalf of a customer should account for the assets as a liability on its own balance sheet.

Read the full article on Axios