SEC revokes SAB 121: Ethereum the big winner?

The SEC has just revoked accounting bulletin SAB 121, and removes constraints on financial institutions in the United States. This move now paves the way for increased adoption of DeFi services and strengthens ethereum's position in the crypto landscape. With these changes, Ethereum could experience an explosion of investor interest, and reach $7,000 very soon!

SEC Chairman holding SAB 121 decision with Ethereum crypto coins on the table

Crypto: SEC cancels SAB 121!

Recently, the Securities and Exchange Commission (SEC) revoked SAB 121, sparking renewed interest in Ethereum (ETH). This bulletin, introduced in March 2022, required financial institutions to record cryptos as liabilities on their balance sheets, which had slowed the adoption of cryptocurrency-related services. The revocation of SAB 121, replaced by SAB 122now allows financial institutions to manage their clients' crypto assets without these constraints.

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The abolition of SAB 121 was seen as a positive signal for institutional investors, who may now be more inclined to offer cryptocurrency-related services, such as staking and cross-margin borrowing using crypto assets as collateral. This decision was welcomed by the crypto community and mainly by Markus Thielen of 10x Research. He emphasized that this regulatory development could catalyze the expansion of DeFi services, positioning Ethereum as the backbone of the ecosystem.

Ethereum at $7000 very soon?

This development, combined with increased stablecoin flows and a favorable regulatory environment, could propel Ethereum to new heights. Especially since ETH currently presents a “tactical breakout” opportunity. This formation shows potential for a breakout above the triangular pattern! Which offers a low-risk, high-reward opportunity, with predictions going as high as an inevitable price of $7,000, according to experts.

The revocation of SAB 121 by the SEC and its replacement with SAB 122 therefore marks a decisive turning point for Ethereum. This move, coupled with tactical trading opportunities and increased policy support, could not only boost the adoption of DeFi services but also lead to a significant rise in the price of ETH.

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