Standard Chartered analyst: Trump is expected to overturn Biden's veto on SAB 121

ChainCatcher news, Standard Chartered Bank's Global Head of Digital Asset Research Geoff Kendrick believes that many of Trump's commitments to support cryptocurrencies will drive up Bitcoin. He expects that Trump will overturn Biden's veto of SAB121, a controversial accounting guideline from the U.S. Securities and Exchange Commission (SEC), which critics say prevents investment banks from offering cryptocurrency custody services on a large scale.

Geoff Kendrick believes that Trump will quickly achieve this goal after taking office on January 20 next year, and he thinks this move will encourage more institutions to adopt cryptocurrencies.