After years of lobbying by the crypto industry, the U.S. Securities and Exchange Commission has rescinded an accounting rule that forced banks to treat bitcoin and other tokens as a liability on their balance sheets.

While Trump’s pick to lead the SEC, Paul Atkins, is still awaiting US Senate confirmation, acting chair Mark Uyeda and another Republican commissioner, Hester Peirce, have put the regulator on a more crypto-friendly track, forming a task force and dismantling SAB 121.

The U.S. Securities and Exchange Commission (SEC) rescinded on Thursday accounting guidance long opposed by the cryptocurrency industry, an early move in President Donald Trump's pivot away from the policies of the prior administration and a win for the crypto sector.

US Securities and Exchange Commission staff repealed accounting guidance the crypto industry has said squashed its ability to work with banks.