CCT - Crypto Currency Tracker logo CCT - Crypto Currency Tracker logo
CryptoIntelligence 2024-06-03 13:30:00

President Biden Vetoes Repeal of SAB 121 as ABA Urges Support for Digital Asset Safeguarding

Just hours before President Joe Biden‘s decision to veto the repeal of Staff Accounting Bulletin (SAB) 121 on May 31, the American Bankers Association (ABA), a leading lobbying group for the U.S. banking sector, attempted to influence his decision by sending a letter. The ABA argued against the repeal, stating, “Precluding regulated banking organizations from effectively providing digital asset safeguarding services at scale harms investors, customers, and ultimately the financial system.” This statement was made in a last-minute plea to the President, coinciding with his announcement to maintain the SEC’s guidelines. Despite bipartisan support in Congress, with both the House

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.