🔍 Overview:
As his inauguration approaches, President-elect Donald Trump is planning to take decisive steps to support the cryptocurrency sector. According to a report published by the Washington Post, Trump intends to issue executive orders on his first day in office to eliminate guidelines
Controversial SEC filing known as
SAB 121.
📊 What is SAB 121?
It is a circular issued by an authority, requiring companies that hold digital currencies for clients to record these assets as liabilities on their balance sheets.
This move has raised concerns in the cryptocurrency community as it represents a barrier to institutions providing custody services.
⚡️ Trump's plan to support digital currencies:
Former PayPal CEO David Sachs named White House 'AI and Cryptocurrency Czar'
Former cryptocurrency regulator Paul Atkins named to head .
Focus on addressing the “de-banking” issues affecting cryptocurrency companies, and ensuring their access to banking services.
🔑 Legislative background:
Last year, Congress voted to repeal SAB 121.
, with 228 House members supporting the measure, including 21 Democrats.
In the Senate, the measure has the support of 60 members, including Democratic Majority Leader Chuck Schumer.
However, a veto by President Joe Biden stopped the measure.
🏦 Accusations against the Biden administration:
Some have accused the Biden administration of restricting crypto companies' access to banking services.
In the 2024 Risk Review, the federal agencies denied these allegations and confirmed that banks
You are not prohibited or restricted from dealing with cryptocurrency companies.
🎯 What to expect from the Trump administration:
Issue executive orders to facilitate access to banks for cryptocurrency companies.
Potential creation of a “Bitcoin reserve” as part of the US strategy to support the cryptocurrency sector.
🌟 Summary:
The upcoming Trump presidency appears more open to the cryptocurrency sector, with promises of regulatory changes that could push the sector towards
Further growth. With a dedicated and supportive team in place, investors are looking forward to a bright future.