Standard Chartered's Global Head of Digital Assets Research, Geoff Kendrick, believes that many of Trump's commitments to support cryptocurrencies will drive up Bitcoin. He expects Trump to overturn Biden's veto of SAB121, a controversial accounting guideline from the U.S. Securities and Exchange Commission (SEC), which critics say has prevented 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 thinks that this move will encourage more institutions to adopt cryptocurrencies.