Bitcoin Banks Are Coming, Says El Salvador Bitcoin Office Director Stacy Herbert

Donald Trump's crypto policies have ignited a sense of optimism within the industry, hinting at a new era of growth and innovation. The US Securities and Exchange Commission's decision to rescind SAB 121 has further fueled confidence.

Donald Trump’s administration has shown support for cryptocurrencies, which could lead to increased growth and innovation in the industry. The US Securities and Exchange Commission’s decision to withdraw SAB 121 has also boosted confidence. Experts believe that this move could pave the way for the establishment of Bitcoin banks.

Stacy Herbert, Director of El Salvador’s Bitcoin Office, has expressed optimism about banks accepting Bitcoin. Her statement reflects a broader excitement surrounding the integration of Bitcoin and other cryptocurrencies into the US banking system.

Bitcoin banks are coming.

In a recent X post, Stacy Herbert, the Director of Bitcoin Office, El Salvador, commented on the potential entry of Bitcoin into financial institutions. While her enthusiasm is primarily fueled by the SEC's recent withdrawal of SAB 121, in her post, Herbert stated, “Bitcoin banks are coming.”

Herbert's post was in response to MicroStrategy founder Michael Saylor's X thread on the withdrawal of SAB 121. She highlighted the benefits of Bitcoin banks, suggesting that integrating Bitcoin into traditional banking could boost investments.

SEC Withdraws SAB 121, Issues SAB 122

In a major development, the US SEC has withdrawn Staff Accounting Bulletin No. 121 and issued Staff Accounting Bulletin No. 122. While SAB 121 limited banks' ability to custody cryptocurrencies, SAB 122 reverses the rule that required entities to record a liability when holding customer crypto assets.

SEC Commissioner Hester Peirce, who now leads the recently established Crypto Task Force, reacted to the abolition of SAB 121 with an X post that read, "Bye, bye SAB 121! It's not been fun.”