Exit SAB 121, Banks Are About to Enter the Bitcoin World. Good News or Bad News?
An overview of an issue that presents both major risks and opportunities for Bitcoin.
Donald Trump's Executive Order on cryptocurrencies has been the talk of the town in recent days. I've been part of the buzz myself, writing about it on several occasions. Beyond Trump's Executive Order, another major decision was taken with the decision to repeal SAB 121.
This was one of the 3 major actions that Trump had to take immediately upon his arrival at the White House, as I told you before his inauguration.
Donald Trump had promised during his presidential campaign that his administration would stop putting obstacles in the way of Bitcoin and cryptocurrencies to make America the world leader in cryptocurrencies. His Executive Order “Strengthening American Leadership in Digital Financial Technology” is clearly in line with this.
The repeal of the SAB 121 accounting standard will be a game-changer for American banks, which will be able to invest in Bitcoin and cryptocurrencies. In what follows, I'd like to take a look at the impact this will have on Bitcoin in the months and years to come.
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