After years of lobbying by the crypto industry, the U.S. Securities and Exchange Commission has rescinded an accounting rule that forced banks to treat bitcoin and other tokens as a liability on their balance sheets.

The U.S. Securities and Exchange Commission (SEC) rescinded on Thursday accounting guidance long opposed by the cryptocurrency industry, an early move in President Donald Trump's pivot away from the policies of the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

Wall Street’s securities watchdog has made it easier for banks to expand their cryptocurrency businesses by overturning a Biden administration rule that made it prohibitively expensive to hold digital assets.