Wall Street Asks Biden Not to Veto Congress’ Rejection of SEC’s SAB 121 Crypto Policy

“SAB 121 successfully precludes regulated banking organizations from providing digital asset custody at scale because it treats the property as if they’re owned slightly than merely custodied by a banking group,” based on a letter to Biden on Friday, signed by a number of teams together with the American Bankers Affiliation and Monetary Providers Discussion board. “Establishments which might be compelled to file custodied digital property on steadiness sheet are subjected to larger capital, liquidity, and different prudential necessities, not like their non-bank opponents.”