Financial Insights That Matter
President Donald Trump recently signed a cryptocurrency executive order establishing a dedicated group to regulate and clarify the digital asset sector. The president also rescinded the Security and Exchange Commission’s (SEC) SAB 121 rule, which previously prevented banks from custodying cryptocurrency on behalf of clients.
Benchmark Managing Director and Senior Research Analyst Mark Palmer joins Market Domination to analyze the implications.
“It was clear that this was just another part of the agency’s effort to stifle the growth of cryptocurrencies in the United States,” Palmer tells Yahoo Finance. He notes the rule had prevented traditional banks from participating in the crypto space in recent years.
With the rule rescinded and banks now having “the green light” to custody crypto, Palmer believes this opens the door for “widespread institutional adoption of bitcoin and other cryptocurrencies.”
“If we’re going to see the crypto space reach its potential, institutions have to be involved. And in order for that to occur, we need to see infrastructure put in place, and a big part of that is custody,” he explains.
To watch more expert insights and analysis on the latest market action, check out more Market Domination here.
This post was written by Angel Smith
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