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

“SAB 121 effectively precludes regulated banking organizations from offering digital asset custody at scale since it treats the assets as if they are owned rather than simply custodied by a banking organization,” 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. “Institutions that are forced to record custodied digital assets on balance sheet are subjected to higher capital, liquidity, and other prudential requirements, unlike their non-bank competitors.”