• Just hours before President Joe Biden vetoed the repeal of Staff Accounting Bulletin (SAB) 121, the American Bankers Association (ABA) made a last-ditch effort to influence his decision, arguing that the regulations hinder banks' ability to effectively safeguard digital assets, which could harm investors and destabilize the financial system. Despite bipartisan Congressional support for the repeal, Biden used his presidential veto. The ABA claims that SAB 121 deviates from traditional custodial asset treatment and limits secure options for customers holding digital assets.

    Monday, June 3, 2024