The U.S. crypto industry’s banking issues might see significant changes with the new administration. The Securities and Exchange Commission (SEC) could soon have new leadership, with former Commissioner Paul Atkins expected to take over. Currently, the SEC has three members, two Republicans and one Democrat, and President Trump could appoint one of the Republicans as acting chair. Both potential acting chairs, Mark Uyeda and Hester Peirce, have expressed opposition to the controversial Staff Accounting Bulletin No. 121 (SAB 121), which requires banks to treat customers’ crypto assets as their own, impacting their balance sheets. This policy has been criticized for stifling crypto banking. At the Federal Deposit Insurance Corp. (FDIC), Vice Chairman Travis Hill is set to take over, advocating for clearer guidelines on banks’ involvement with crypto. The FDIC’s current restrictions are in the form of guidance, making them easier to change. Meanwhile, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve are also undergoing leadership changes, potentially opening doors for crypto-friendly policies.
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