- Trump is reportedly set to roll back the SAB 121 accounting rule
- Market expectations for a Strategic BTC reserve in the United States have risen
The crypto-market could be in for an early win on the regulatory front. President-elect Donald Trump reportedly plans to repeal the SAB 121 accounting rule on his first day.
According to a Washington Post report, Trump considers the de-banking agenda a “top priority.” The report went on to say that he will issue executive orders on the first day to address it and repeal the accounting rule that barred traditional banks from the sector.
The SAB 121 guideline required strict 1:1 accounting for banks dealing with crypto and restricted most banks from participating in the sector.
Although Congress overwhelmingly voted to overturn the proposal, President Joe Biden vetoed it and said he wouldn’t “jeopardize consumers and investors.”
Is a Bitcoin strategic reserve next?
The update from the Trump-Vance transition team resonates with their campaign pledges to the sector. Brian Hughes, the Sppokesperson for the transition team, told the Washington Post that they want a space where crypto could thrive in the U.S. He said,
“President Trump and David Sacks will safeguard free speech online, steer us away from big tech censorship, and develop a legal framework so the crypto industry can thrive in the United States”
In addition to repealing most anti-crypto laws, the team has promised to create a strategic BTC reserve (SBR).
Industry insiders, like Strike’s Jack Mallers, have claimed that SBR would be included in the President’s first-day executive orders. Now, although the Washington Post didn’t mention SBR, market expectations have understandably risen since.
Source:Polymarket
In the last two weeks alone, Polymarket’s odds for forming a U.S SBR within the first 100 days of the Trump administration have surged from 26% to 36%.
Interestingly, the New Year surge in odd coincided with BTC’s recovery from $91k to $102k, before the cryptocurrency reversed its gains.
In fact, some market pundits believe that a U.S SBR would trigger FOMO among other countries and potentially push BTC’s value higher. It remains to be seen whether this is the next step of Bitcoin’s adoption spree.
