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The regulator's decision to rescind SAB 121 removes a key accounting barrier that could accelerate traditional banks' entry into crypto custody services.

President Donald Trump this week signed an executive order to establish U.S. dominance in the digital asset market and make the country the global center of crypto. But does that order deliver on what Trump said he'd accomplish?

Sacks likened Trump’s recently-released memecoin to ‘a baseball card or a stamp.’

President Trump ended some of the crypto regulation by enforcement actions taken over the last few years, and the Securities and Exchange Commission (SEC) pulled back SAB 122, which kept banks from holding crypto for customers. According to data provided by S&P Global Market Intelligence, Cardano (CRYPTO: ADA) was one of the biggest losers, falling 13.6% over the past week, Polkadot (CRYPTO: DOT) fell 14.4%, and Uniswap (CRYPTO: UNI) fell 15.4%. In fact, whale investors sold 180 million Cardano tokens this week despite the potentially better market conditions.

The Securities and Exchange Commission had previously only allowed cash redemptions when the spot bitcoin ETFs were approved last January.

President Trump's Jan. 23 executive order creates a crypto task force to craft rules and study a national reserve or stockpile of digital assets.

States spearhead new financial strategies by exploring Bitcoin reserves as a decentralized economic alternative.