✅Why did the #BTC rise today?
- FOMC rate freeze: 4.50%
-Inflation “Slightly Up” but Admits Improvement Trends
-less hawkish than expected - Powell’s remarks
- Fed Chair No Problem With U.S. Bank Crypto Services
- Powell’s Background: SAB21 Accounting Regulations Abolished
- SAB21 (Staff Accounting Bulletin): accounting guidance issued by SEC. It was a regulation to deal with debt when holding cryptocurrency by banks, effectively blocking the U.S. bank cryptocurrency business.
- Trump + Newly Appointed SEC Leadership Dismisses SAB 121 Accounting Regulations on Jan. 23 → U.S. Bank Cryptocurrency Custody Services Available
- Also Read: FDIC’s Possible Crypto Asset Insurance
-FDIC (Federal Deposit Insurance Corporation): Deposit guarantees of up to $250,000 per depositor in case of bank bankruptcy
-FDIC May Promote U.S. Institutional Investors’ Market Engagement When Stable Coin Insurance Is Applied