FightYourOwnBattle
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Bullish
The SEC has revoked the controversial SAB 121 rule, which had required banks to record crypto assets held for clients as liabilities on their balance sheets.
This change removes a major hurdle for Wall Street banks, paving the way for them to adopt cryptocurrency custody services.
The move is expected to boost the legitimacy of cryptocurrencies, attract more institutional participation, and spark innovation in crypto-related services.
However, with other regulatory bodies still emphasizing risks, the path to widespread adoption remains cautious.
This decision marks a step forward for the integration of traditional finance and the crypto world.
This change removes a major hurdle for Wall Street banks, paving the way for them to adopt cryptocurrency custody services.
The move is expected to boost the legitimacy of cryptocurrencies, attract more institutional participation, and spark innovation in crypto-related services.
However, with other regulatory bodies still emphasizing risks, the path to widespread adoption remains cautious.
This decision marks a step forward for the integration of traditional finance and the crypto world.
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