“SAB 121 successfully precludes regulated banking organizations from providing digital asset custody at scale because it treats the property as if they’re owned moderately than merely custodied by a banking group,” in accordance with a letter to Biden on Friday, signed by a number of teams together with the American Bankers Affiliation and Monetary Companies Discussion board. “Establishments which might be compelled to file custodied digital property on steadiness sheet are subjected to increased capital, liquidity, and different prudential necessities, not like their non-bank rivals.”
