US Banking Hurdles for Crypto May Be First to Fall Under Trump

As the US presidential inauguration approaches, the crypto industry's banking obstacles could be the first policy issue to be addressed, although significant action may occur at regulatory agencies rather than the White House. The Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corp (FDIC) will have new leadership aligned with Trump's views, which may lead to concrete steps towards reform. The SEC's Staff Accounting Bulletin No. 121 (SAB 121), which has been a major point of contention, may be repealed, and the FDIC could issue orders allowing banks to engage in crypto activities. The Office of the Comptroller of the Currency (OCC) and the Federal Reserve may also see changes in leadership, potentially paving the way for greater crypto adoption in the banking sector. However, the path forward is uncertain, and regulatory agencies may face challenges in implementing reforms.