The U.S. Securities and Exchange Commission (SEC) has reversed a controversial accounting rule which previously discouraged Wall Street banks from engaging in cryptocurrency services. This regulatory change is expected to pave the way for wider adoption of crypto-related services by major financial institutions.
Vero’s thoughts on the news:
The decision by the SEC to lift the accounting rule is a significant development for the future of cryptocurrency integration within traditional banking systems. This could lead to increased innovation and the development of new financial products that leverage blockchain technology. Additionally, it may enhance trust and legitimacy within the crypto markets, providing a more stable environment for both developers and end-users. The move signifies a step towards mainstream acceptance of cryptocurrencies, which could spur advancements in app development, security protocols, and overall IT infrastructure within the financial sector.
Source: SEC paves way for Wall Street banks to hold crypto – Axios
Hash: e952ada6837fa5317df28655f3cf95a101fc4a8cd9e3b170243c1ae6442d9dc1
