“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,” according to a letter to Biden on Friday, signed by several groups including the American Bankers Association and Financial Services Forum. “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.”
May 31, 2024
Wall Street Asks Biden Not to Veto Congress’ Rejection of SEC Crypto Policy
![](https://currencycrypt.net/wp-content/uploads/2024/06/ESYEPDUHJNAR7POQ3RGU35QS3M-740x492.jpg)
This article was originally published by Coindesk.com. Read the original article here.
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