Wall Street’s securities watchdog has made it easier for banks to expand their cryptocurrency businesses by overturning a Biden administration rule that made it prohibitively expensive to hold digital assets.

The Securities and Exchange Commission reversed a controversial accounting rule Thursday, which had helped deter banks from participating in crypto services. Why it matters: The move to rescind the guidance,

President Trump's Jan. 23 executive order creates a crypto task force to craft rules and study a national reserve or stockpile of digital assets.

This week was the culmination of a lot of promises years coming in the crypto industry. President Trump ended some of the crypto regulation by enforcement actions taken over the last few years, and the Securities and Exchange Commission (SEC) pulled back SAB 122,

President Donald Trump signed an executive order on Thursday that would possibly create a national digital asset stockpile for the first time along with promoting the advancement of cryptocurrencies.