Significant shift in sentiment, Wall Street officials are revealing a new alignment to the crypto industry in just days The second administration of President Donald Trump. This shift has been largely attributed to the 47th president’s pro-crypto agenda, which is a stark contrast to his previous skepticism during his first term.
Morgan Stanley counsels to increase Sevato transactions
In Davos, Switzerland, the selection of Morgan Stanley CEO Ted highlighted the bank’s interest in getting more involved in cryptocurrency transactions. that said“For us, the equation is really around whether we, as a highly regulated financial institution, can act as transactors.”
Historically, banks have been wary of engaging with crypto, largely due to regulatory uncertainties. There are Securities and Exchange Commission (SEC). applied 200 actions related to crypto, creating a shock should cause a conflict.
However, as President Donald Trump’s new administration signals a more favorable regulatory environment for digital assets, many officials are evaluating their positions.
Trump has appointed several advocates for cryptancy to key roles within his administration. Notable nominees include Paul Atkins for the chair of the century who was sent to the Suns of Wales secretary of one-days and Razed for the treasury.
If confirmed, Mitthi will oversee critical departments that affect tax and compliance policies for digital asset transactions, potentially affecting the widely accepted acceptance of digital assets.
Morgan Stanley has already taken steps to connect with cryptocurrencies, allowing its wealthy clients to become the first major US bank to offer access to bitcoin funds in 2021. Exchange-traded funds (ETF).
Noting that Bitcoin is more embedded in mainstream finance, its legitimacy as a financial asset continues to grow. “As time goes on, perception becomes reality,” he commented.
Second Resends SB. 121, eases the regulatory burden for banks
Despite the optimism, Maj Roadblocks stay An important accounting rule set in 2022 requires cryptocurrencies to be classified as cryptocurrencies on their balance sheets, which prevents banks from offering crypto custody services.
To overcome this rule, SAB Known as 121, while Bopterison eventually found support in Congress, he challenged then-President Joe Bibelen for the banks.
Goldman Sachs CEO David Solomon, from a regulatory perspective, “for now,” for now, “accepts these constraints.” However, he expressed willingness to revisit the issue if the regulatory framework evolves.
In an important development, the financial regulator SAB 121, which may remove some of the burdens on banks to engage with digital assets.
Sectioner Hester Peirce, who has been Appointed To lead a newly formed “Crypto Task Force”, “signals to welcome the decision to signal a change towards a more favorable environment.
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