“SAB 121 effectively prevents regulated banking organizations from offering digital asset custody on a large scale, as it treats the assets as if they are owned rather than simply being held by a banking organization,” a letter to Biden on Friday stated. The letter was signed by several groups, including the American Bankers Association and Financial Services Forum. “Institutions that are required to include custodied digital assets on their balance sheet are subject to higher capital, liquidity, and other regulatory requirements, unlike their non-bank competitors.”
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