Donald Trump officially took office at the beginning of the week and took some of the expected cryptocurrency steps before the week was over.
At this point, in the meeting held without Gary Gensler, the SEC officially revoked the SAB121 rule introduced under the Biden administration, which was negative for the cryptocurrency world.
Related News: BREAKING: SEC Rescinds SAB121 Rule, Which Was Having a Negative Impact on the Cryptocurrency World!
While discussing the effects of the SAB121 rule cancellation, Markus Thielen, head of research at 10x Research, said that Ethereum could experience a surge following the cancellation of SAB121.
Stating that ETH ($3,393.24) will experience a major outflow after the SEC cancels SAB121, Thielen said that ETH signals a potential “low-risk, high-return opportunity.”
“This cancellation could be a significant moment for Ethereum, as it could potentially enable the expansion of DeFi services and position itself as the backbone of the ecosystem.
I have never been an Ethereum advocate in general, but ETH’s current price chart presents an attractive low-risk, high-reward opportunity.
The SEC Staff Accounting Bulletin (SAB) eliminated a rule called SAB 121 that required financial firms holding cryptocurrencies to record them as liabilities on their balance sheets. SAB 121 was issued in March 2022, and the crypto industry has long wanted it repealed.
*This is not investment advice.
Continue Reading: SEC’s SAB121 Rule Cancellation Will Benefit This Altcoin the Most!
