On May 31, hours before President Biden vetoed repealing Employee Accounting Bulletin (SAB) Act 121, the American Bankers Association (ABA), the largest lobbying group in the U.S. banking industry, wrote a letter seeking to sway his decision. Just before Biden announced his decision to veto a congressional resolution aimed at repealing the Securities Exchange Commission's (SEC) SAB 121 guidelines, the ABA wrote in a May 31 letter to Biden: "Preventing regulated banking organizations from effectively providing digital asset protection services at scale would harm investors, customers, and ultimately the financial system."
"SAB 121 represents a significant departure from the long-term accounting treatment of custodial assets and threatens the industry's ability to provide safe and secure custody of digital assets for its clients," the ABA explained. It added: "Restricting banks' ability to provide these services leaves customers with few well-regulated, trusted options to protect their digital asset portfolios and ultimately exposes them to greater risk."
The American Bankers Association tried to prevent Biden from vetoing SAB 121
2024-06-02 05:11:40
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