Official legislative drafts or announcements from the advisory council

Trump to Repeal SAB 121, Establish Bitcoin Reserve, and Host Crypto Ball

Jan 13, 2025, 09:56 PM

President-elect Donald Trump is set to implement significant changes in cryptocurrency policy upon taking office. On his first day, Trump is expected to issue executive orders aimed at repealing the Staff Accounting Bulletin 121 (SAB 121), which currently requires banks to classify cryptocurrencies like Bitcoin as liabilities on their balance sheets. This move is anticipated to facilitate banks' ability to hold digital assets directly. Additionally, Trump plans to address the issue of 'de-banking,' aiming to prevent financial institutions from denying services to crypto-related businesses. The administration is also planning to establish a crypto advisory council composed of approximately 24 CEOs and founders to guide digital asset policy and work towards creating a strategic Bitcoin reserve in collaboration with the SEC, CFTC, and Treasury. This council will draft cryptocurrency legislation. Furthermore, Trump is set to host a 'Crypto Ball' on January 17, with tickets priced from $2,500 for general admission to $1 million for a private dinner with the president, signaling a strong alignment between the incoming administration and the cryptocurrency industry.