Trump's first day executive orders could repeal SEC's controversial accounting bulletin: Washington Post

President-elect Donald Trump is poised to issue executive orders on his first day that could repeal the U.S. Securities and Exchange Commission's controversial crypto accounting guidance, according to reporting from The Washington Post.

Newly appointed crypto czar David Sacks and the Trump transition team have worked jointly to finish a "legislative strategy." Trump also plans to issue executive orders on his first day as president that could address "de-banking" and Staff Accounting Bulletin 121, nicknamed SAB 121, The Washington Post reported on Monday, citing a person involved in those conversations.

The Trump transition team did not respond to a request for comment from The Block.

Trump's inauguration is one week away and his presidency is expected to be more open to crypto. He has tapped crypto-friendly former regulator Paul Atkins to lead the SEC and appointed former PayPal COO David Sacks to be the "White House A.I. and Crypto Czar."

The crypto industry has raised concerns about SAB 121, a bulletin that requires firms that custody cryptocurrencies to record their customers' crypto holdings as liabilities on their balance sheets.

Last year, lawmakers went so far as to vote on a measure to repeal that guidance but was later vetoed by President Joe Biden. The House previously voted 228-182 to pass the measure, with mostly Republicans, though 21 Democrats did sign on. A week later, the Senate voted 60 to 38, with several Democrats, including Senate Majority Senate Majority Leader Chuck Schumer, D-N.Y., voting in favor of the measure.

Reuters also previously reported the crypto industry was pushing for executive orders that create a "bitcoin stockpile" and make sure that firms have access to banks. The Washington Post reported that Trump's first-day executive orders could address crypto's access to banks as well.

Some in the crypto industry have accused the Biden administration of blocking crypto out of banking services. Federal agencies asserted that they do not discourage financial institutions from working with crypto. In the 2024 Risk Review report , for example, the Federal Deposit Insurance Corporation said it and other agencies "continue to emphasize that banking organizations are neither prohibited nor discouraged from providing banking services to customers of any specific class or type."