SEC Revokes Banking Rule That Blocked Wall Street Banks From Adopting BTC \ stacker news ~Politics_And

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SEC Revokes Banking Rule That Blocked Wall Street Banks From Adopting BTC www.cnbc.com/2025/01/24/sec-revokes-unpopular-banking-rule-that-blocked-wall-street-banks-from-adopting-crypto.html

506 sats \ 3 comments \ @Cje95 24 Jan Politics_And_Law

This move was wildly expected as the Banking Rule that the SEC had implemented was terrible. Banks that wanted to offer crypto services had to treat BTC and any other crypto as a liability to matter what. If they still decided that they wanted to they were subjected to strict capital requirements, significantly raising the financial and regulatory risks of offering crypto custody services.

This essentially killed banks from doing anything with them because of the cost and how it would mess with their numbers being forced to chalk it up as a liability.

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125 sats \ 1 reply \ @dingding541 24 Jan

We better figure out scalable self-custody before governments and banks get too involved. if you do nothing, you will someday find yourself in a world where moving a UTXO costs a lot of fucking money @goatmeal on Nostr

15 sats \ 0 replies \ @Cje95 OP 24 Jan

I agree but governments are already involved and companies like Blackrock and MicroStrategy are already buying heaps. Self-custody is the best path forward but normal regular people are much more likely to buy, trade, and use BTC for purchases if it is as simple as the existing methods of debit and credit cards are. I am not sure merchants and others are ready yet for that so the banks role is essentially insulated.

0 sats \ 0 replies \ @tomlaies 24 Jan

Sorry to say this but: doesn't move the needle.