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Wall Street Asks Biden Not to Veto Congressional Rejection of SEC’s SAB 121 Crypto Policy
“SAB 121 effectively precludes regulated banking organizations from offering custody of digital assets on a large scale because it treats the assets as if they were owned rather than simply held in custody by a banking organization,” read a letter to Biden on Friday , signed by several groups including the American Bankers Association and Financial Services Forum. “Institutions forced to register digital assets held on their balance sheets are subject to higher capital, liquidity and other prudential requirements, unlike their non-bank competitors.”