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The US stock and securities commission. UU. US financial institutions. The measure, summarized in the newly issued SAB 122, is prepared to serve as a more substantial catalyst for the bitcoin price dynamics that the anticipated bitcoin reserve of the USA. UU. (SBR), according to several industry experts.
Implications for bitcoin
Originally promulgated in 2022, SAB 121 demanded that banks classify cryptocurrencies held by customers as liabilities in their balances. This classification significantly increased operational costs and complexities for financial institutions, effectively determining them from cryptocurrency related services. Therefore, the requirement acted as a barrier, limiting the integration of bitcoin and other cryptocurrencies in conventional banking operations.
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The withdrawal from SAB 121 to SAB 122 effectively eliminates this accounting impediment. The commissioner of the SEC, Hester Peirce, praised the decision on social networks and said: “Goodbye, goodbye Sab 121! It has not been fun: http://sec.gov | Personnel Accounting Bulletin No. 122.
The bitcoin community has responded favorably to the decision of the SEC. Andrew Parish, founder of X3, emphasized the importance of Sab 122 in x, <a target="_blank" href="https://x.com/AP_Abacus/status/1882590453457174886″ target=”_blank” rel=”nofollow”>affirming“The termination of SAB 121 is a larger catalyst for bitcoin than the SBR. Add this publication to favorites. ” Similarly, Fred Krueger, founder of Troop, <a target="_blank" href="https://x.com/dotkrueger/status/1882574165775188445″ target=”_blank” rel=”nofollow”>highlighted The broader implications for the market, pointing out that “Sab 122 is extremely good for bitcoin. More important than the bitcoin reserve, which is also yet. Now let's observe how banks begin to accumulate. ”
Vijay Boyapati, former Google engineer and author of The Bullish Case for bitcoin, also <a target="_blank" href="https://x.com/real_vijay/status/1882583402467279043″ target=”_blank” rel=”nofollow”>elaborated On the transformative potential of the action of the SEC, stating: “It is really difficult to emphasize the enormous radical change we are witnessing. We go from the worst anti-bitcoin administration, anti-innovation, anti-creation and anti-negotiable to the most friendly bitcoin administration that can be expected. This is not included in the price at 100%. ”
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Michael Saylor, Executive President of Microstrategy, succinctly captured the feeling of the market with his tweet: “Sab 121 has been rescinded, allowing banks to guard bitcoin. ”This is aligned with the three catalysts previously described by Saylor so that bitcoin reaches one million dollars per currency, where the facilitation of traditional bank custody was maintained as the last open factor.
Regulatory flexibility is expected to coly a greater institutional participation in the btc and cryptocurrency market. Brian Moynihan, Executive Director of Bank of America, the second largest bank in the United States. , Swiss. Moynihan said: “If the rules enter and make it something real with what can really be done business, you will find that the banking system will have an important role on the transactional side.”
This statement is aligned with the last directive of the SEC, which indicates that the banks are more likely to develop and offer cryptographic services, including custody solutions, which were previously restricted according to SAB 121. It is anticipated that the elimination of these regulatory obstacles It will improve the liquidity and accessibility of bitcoin, potentially promoting a new wave of demand similar to that of the ETFs in cash in January last year.
At the time of this publication, btc quoted at $ 105,466.
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