The post Bitcoin (BTC) Tailwinds Strengthen: $BTC Price breaking out appeared on BitcoinEthereumNews.com.

With the rescinding of SAB121 by the SEC, which all but stopped banks collaborating with crypto companies, this, together with other regulatory changes, sets the scene for the Bitcoin industry to innovate and grow like never before. The $BTC price is back above $105,000. The tide is turning The tide is turning, and the crypto industry is about to move into a golden age of nurturing and support in the United States, which only a short time ago was the complete opposite situation. Now that Donald Trump is in office, the political machinery of Washington D.C. is moving faster than anyone thought was possible, and Bitcoin and crypto are among the beneficiaries. SAB121 is rescinded – good riddance? The SAB121 rule was brought in by a Securities and Exchange Commission (SEC) that worked closely with the Biden administration to stifle the possibility of banks collaborating with crypto entities. The rule obliged banks that were holding crypto on behalf of a client to record the asset as a liability on the balance sheet. This made it impractical for banks to offer cryptocurrency custody services. SEC Chairman Gary Gensler was said to be heavily biased against crypto. He always maintained that the existing finance regulations were sufficient to regulate the crypto industry properly. However, when he introduced the SAB121 rule, it was seen by many as a sign of hypocrisy, given that he was showing he was open to new rules, but only if they went along with his bias. CBDCs are banned Among the many pro-crypto executive orders signed by President Trump was a complete prohibition of Central Bank Digital Currencies (CBDCs). This technology would give complete control over money to the central bank. With this order, the President is committing the US to go down the path of decentralised money.…

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Filed under: News - @ January 26, 2025 12:17 am