The U.S. Securities and Exchange Commission (SEC) rescinded on Thursday accounting guidance long opposed by the cryptocurrency industry, an early move in President Donald Trump's pivot away from the policies of the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

There’s Donald Trump the crypto champion, promising to unshackle an industry hit by a years-long regulatory crackdown. Then there’s Trump the memecoin, which created billions of dollars of instant paper wealth but earned sharp rebukes even from the industry that stands to gain perhaps the most from his presidency.

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,

The U.S. Securities and Exchange Commission has rescinded an accounting rule that forced banks to treat bitcoin and other tokens as a liability on their balance sheets.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 guidance was a major deterrent to Wall Street banks owning bitcoin.