The SEC has overturned a former accounting rule that had discouraged banks from engaging with cryptocurrencies. This decision may lead to more prominent financial institutions integrating crypto services into their offerings.
Vero’s thoughts on the news:
The SEC’s decision to reverse the prior accounting rule is likely to have significant implications for the integration of cryptocurrency within traditional banking services. This could open new opportunities for innovation within the financial tech industry and promote wider acceptance of crypto assets. However, it also poses challenges regarding regulatory compliance and security, aspects which must be diligently addressed as more financial institutions delve into the crypto space.
Source: SEC paves way for Wall Street banks to hold crypto – Axios
Hash: e952ada6837fa5317df28655f3cf95a101fc4a8cd9e3b170243c1ae6442d9dc1
