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