A company that is changing the way the world mines bitcoin

Bitcoinist 2025-01-25 20:00:27

Wall Street Ready To Dive In: CEOs Respond To Trump’s Ambitious Crypto Initiatives

In a notable change of sentiment, Wall Street executives are expressing a newfound optimism toward the crypto industry just days into President Donald Trump’s second administration . This shift is largely attributed to the 47th President’s pro-crypto agenda, which marks a stark contrast to his previous skepticism during his first term. Morgan Stanley CEO Advocates For Increased Crypto Transactions At the World Economic Forum in Davos, Switzerland, Morgan Stanley CEO Ted Pick highlighted the bank’s interest in becoming more involved in cryptocurrency transactions. He stated , “For us, the equation is really around whether we, as a highly regulated financial institution, can act as transactors.” Historically, banks have been cautious about engaging with crypto, largely due to regulatory uncertainties. The Securities and Exchange Commission (SEC) has enforced over 200 actions related to crypto since 2013, creating a trepidation that has stymied institutional adoption. However, with President Donald Trump’s new administration signaling a more favorable regulatory climate for digital assets, many executives are reevaluating their positions. Trump has appointed several advocates for cryptocurrency to key roles within his administration. Notable nominees include Paul Atkins for SEC chair, Howard Lutnick for Secretary of Commerce, and hedge fund manager Scott Bessent for Treasury. If confirmed, Bessent would oversee crucial departments that influence tax and compliance policies for digital asset transactions, potentially paving the way for broader acceptance of digital assets. Morgan Stanley has already taken steps to engage with cryptocurrencies, becoming the first major US bank to offer its wealthy clients access to Bitcoin funds in 2021. The firm has also allowed its financial advisors to promote recently launched Bitcoin exchange-traded funds (ETFs). Pick noted that as Bitcoin becomes more entrenched in mainstream finance, its legitimacy as a financial asset will grow. “The longer it trades, perception becomes reality,” he commented. SEC Rescinds SAB 121, Easing Regulatory Burdens For Banks Despite the optimism, major roadblocks remain. A significant accounting rule established by the SEC in 2022 requires banks to classify cryptocurrencies as liabilities on their balance sheets, imposing strict capital requirements that deter banks from offering crypto custody services. Efforts to overturn this rule, known as SAB 121, received bipartisan support in Congress but were ultimately vetoed by then-President Joe Biden, leaving the regulatory landscape challenging for banks. Goldman Sachs CEO David Solomon acknowledged these hurdles, stating, “At the moment, from a regulatory perspective, we can’t own Bitcoin.” However, he expressed a willingness to revisit the issue if the regulatory framework evolves. In a significant development, the SEC recently rescinded SAB 121, which could alleviate some of the burdens on banks looking to engage with digital assets. SEC Commissioner Hester Peirce, who has been appointed to lead a newly formed “crypto task force,” welcomed the decision, indicating a shift toward a more accommodating regulatory environment for cryptocurrencies. Featured image from DALL-E, chart from TradingView.com

La maggior parte ha letto le notizie

Pepeto vs. Wall Street Pepe: The Next Big Bin...
2025-01-27
MYRIAD Launches on Abstract as Mainnet Goes L...
2025-01-27
Pudgy Penguins’ parent company launches Abstr...
2025-01-27
Bittensor (TAO) Price Display Strength—Can it...
2025-01-27
Consumer-focused blockchain Abstract unveils...
2025-01-27
XRP Expert Who Made $200M In Early Position B...
2025-01-27
Ethereum Layer-2 Network Abstract Launches, O...
2025-01-27
Experts say this new crypto could rival ADA,...
2025-01-27

Notizie correlate

Ethereum Founder Under New Pressure As 1Fuel (OFT)...
27 Jan 2025
How Declining Short-Term U.S. Treasury Yields Impa...
27 Jan 2025
Solana (SOL) and Cardano (ADA) Investors Are Turni...
27 Jan 2025
Solana (SOL) and Cardano (ADA) Holders Are Buying...
27 Jan 2025
Bitcoin investors eye XYZVerse’s potential after B...
27 Jan 2025
Abstract’s Ethereum Layer-2 Mainnet Launch Aims to...
27 Jan 2025

Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta