Wall Road Asks Biden To not Veto Congress’ Rejection of SEC’s SAB 121 Crypto Coverage

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