While Trump’s pick to lead the SEC, Paul Atkins, is still awaiting US Senate confirmation, acting chair Mark Uyeda and another Republican commissioner, Hester Peirce, have put the regulator on a more crypto-friendly track, forming a task force and dismantling SAB 121.

The Securities and Exchange Commission reversed a controversial accounting rule Thursday, which had helped deter banks from participating in crypto services. Why it matters: The move to rescind the guidance,