This was the first major crypto-related policy shift under the new acting Chair Mark Uyeda. President Donald Trump issued an executive order preventing the development of a US central bank digital currency (CBDC) and established a working group to position the US as a leader in cryptocurrency. However, Bitcoin advocates criticized the lack of focus on Bitcoin specifically in the plan. Meanwhile, Senator Elizabeth Warren clashed with Elon Musk, chair of the Department of Government Efficiency (DOGE), over government spending reforms.
SEC Cancels Controversial SAB 121
The Securities and Exchange Commission (SEC) canceled its very controversial Staff Accounting Bulletin (SAB) 121, which required financial firms holding cryptocurrency for customers to record the assets as liabilities on their balance sheets. The decision was announced on Jan. 23 of 2025 through a new Staff Accounting Bulletin. This is a huge win for the crypto industry, which has been against the rule since it was introduced back in March 2022.
Hester Peirce, SEC Commissioner and head of the agency’s crypto task force, celebrated the move in a social media post by saying, “Bye, bye SAB 121! It’s not been fun.” The rule faced a lot of criticism from both lawmakers and industry stakeholders for creating unnecessary administrative burdens on financial firms. Critics argued that requiring reserves against custodial crypto assets was inconsistent with standard practices in the financial services industry.
House Financial Services Committee Chair French Hill called SAB 121 “misguided” and praised its cancellation. Representative Wiley Nickel also points out some concerns about how the rule could have prevented US banks from custoding crypto exchange-traded products (ETP), potentially concentrating risks in non-bank entities. Senator Cynthia Lummis described the rule as “disastrous for the banking industry” and a roadblock to American innovation in digital assets.
The rule’s cancellation marks a very big policy shift under the SEC’s acting chair, Mark Uyeda, and the first major crypto-related regulatory change under President Donald Trump. Efforts to cancel SAB 121 previously received bipartisan support in Congress, but a repeal bill was vetoed by former President Joe Biden in June of 2024. An attempt to override the veto also fell short in the House of Representatives.
New Executive Order Sets Anti-CBDC Stance in Motion
US President Donald Trump also recently signed his first executive order affecting the cryptocurrency industry. In a televised address from the Oval Office on Jan. 23, Trump appeared alongside his “AI and crypto czar,” David Sacks, who provided more details about the order. The executive order establishes an internal working group whose main goal will be to make the United States the global leader in cryptocurrency. Sacks was appointed to chair the initiative.
The order also prohibits the establishment, issuance, circulation, and use of a US central bank digital currency (CBDC) and directs the working group to explore the creation of a national cryptocurrency stockpile and a regulatory framework for stablecoins. The group is expected to include a number of key people to the group like the US treasury secretary, attorney general, chairs of the SEC and Commodity Futures Trading Commission (CFTC), and other agency heads.
The directive also revokes a March 2022 executive order from former President Joe Biden, which had called on federal agencies to develop a regulatory framework for cryptocurrencies. Additionally, Trump also pardoned Silk Road founder Ross Ulbricht, which was another pledge he made during his presidential bid.
While the executive order could signal a major change in the US government’s approach to cryptocurrency, there are still many questions about the authority of these directives. For instance, Trump recently signed an order trying to revoke birthright citizenship under the 14th Amendment, which was very quickly blocked by a federal judge as unconstitutional. Similarly, the feasibility and impact of the new crypto-focused initiatives are yet to be seen.
Trump’s Digital Asset Stockpile Plan Criticized
Bitcoin advocates are a bit disappointed over the language that was used in US President Donald Trump’s executive order to study the creation of a “digital asset stockpile,” which did not mention Bitcoin explicitly. Critics raised concerns that the stockpile could include other cryptocurrencies instead of focusing solely on Bitcoin, despite Trump’s campaign promise to establish a “strategic national Bitcoin stockpile.” This promise was made during a Nashville Bitcoin conference in July last year, where he suggested using the over $20 billion worth of Bitcoin that was seized by the Justice Department.
Podcaster Peter McCormack pointed out the lack of the word Bitcoin in the executive order, while Travis Kling, Chief Investment Officer of Ikigai Asset Management, revealed that people are quite frustrated about the use of the term “digital assets.” Dennis Porter, CEO of the Bitcoin-focused Satoshi Action Fund, defended the language by calling it “pragmatic” and “tech neutral” to avoid political friction. He argued it could help achieve the goal of making the US the largest holder of Bitcoin globally.
For now, it seems like industry leaders are still very divided on the matter. Pierre Rochard, Vice President of Research at Riot Platforms, accused Ripple Labs of lobbying against a Bitcoin-only reserve to promote CBDCs built on its platform. Ripple CEO Brad Garlinghouse dismissed these claims after stating that Ripple’s efforts are increasing the likelihood of a crypto strategic reserve, which could include Bitcoin.
Currently, the US government holds a diverse portfolio of many cryptocurrencies, including $20.4 billion worth of Bitcoin, which accounts for almost 98% of its holdings, alongside $182 million worth of Ethereum and various altcoins.
US Government crypto holdings (Source: Arkham Intelligence)
The concept of a digital asset stockpile typically refers to a reserve that is maintained for emergencies or future use. This is different from a strategic reserve asset, which is intended to boost a nation’s financial strength.
Senator Warren and Elon Musk Clash
Meanwhile, US Senator Elizabeth Warren wrote an open letter to Elon Musk, who is the chair of the Department of Government Efficiency (DOGE), and proposed measures to reduce wasteful government spending. Warren’s suggestions include fully funding the Internal Revenue Service (IRS), closing the carried interest loophole, and introducing a capital gains tax on estates.
Most of her measures target wealthy individuals, and Warren believes that reforms to estate tax exemptions could greatly boost federal revenue. She estimates that eliminating the stepped-up basis for assets transferred at death could save over $60 billion annually.
Warren is also concerned about DOGE’s leadership and potential conflicts of interest, and accused the committee of fostering corruption because of its insufficient ethical standards. Although they are very unlikely allies, Warren and Musk share at least some overlapping goals when it comes to improving government efficiency, though their approaches are very different.
Warren argues that fully funding the IRS could generate massive returns by cracking down on tax evasion and enhancing taxpayer services. However, Musk and President Trump showed resistance to expanding the IRS. Musk, while initially ambitious about cutting $2 trillion in government spending, changed expectations to a potential $1 trillion due to the challenges posed by mandatory spending programs like Medicare and Social Security, which account for the bulk of federal expenditures.
Source: https://coinpaper.com/7121/us-lawmakers-applaud-sec-decision-to-scrap-sab-121
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