After years of lobbying by the crypto industry, the U.S. Securities and Exchange Commission has rescinded an accounting rule that forced banks to treat bitcoin and other tokens as a liability on their balance sheets.

The Securities and Exchange Commission reversed a controversial accounting rule Thursday, which had helped deter banks from participating in crypto services. Why it matters: The move to rescind the guidance,

U.S. SEC has revised its controversial SAB 121, a move that is expected to facilitate crypto adoption by traditional banking institutions.

The U.S. Securities and Exchange Commission (SEC) rescinded on Thursday accounting guidance long opposed by the cryptocurrency industry, an early move in President Donald Trump's pivot away from the policies of the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