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US banking lobby last-minute bid to stop Biden vetoing SAB 121 overturn

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The SAB 121 'threatens the industry’s ability to provide its customers with safe and sound custody of digital assets,” according to the ABA.

The American Bankers Association claims that United States President Joe Biden's move will "harm investors, customers, and ultimately the financial system."

“Precluding regulated banking organizations from effectively providing digital asset safeguarding services at scale harms investors, customers, and ultimately the financial system,” the ABA wrote in a May 31to Biden, just before he announced his decision to veto the Congressional resolution aimed at repealing the U.S. Securities and Exchange Commission SAB 121 guidelines.

 

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House votes to nullify SEC’s anti-crypto banking guidance SAB 121The House of Representatives has voted to pass a resolution that overturns controversial SEC guidance that discourages banks from owning crypto.
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