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The Union of Banners (ABA), the United States President Joe Biden’s SAB 121 at the last minute attempt to stop the abolition of the SAB 121 at the last minute. In a letter to Biden on May 31, ABA argued that this movement would harm investors, customers and ultimately the financial system.
On May 31, Biden wrote a letter to the President of the ABA, a few hours before he vetoed his decision to remove the Congress’s SAB 121 instructions. “To prevent the ability of regulated banking organizations to effectively provide digital assets storage services, it damages investors, customers and ultimately the financial system, ABa said ABA called Biden to give up the veto in his letter.
Both the House of Representatives and the Senate have voted for the abolition of SAB 121 instructions, but prevented the cancellation of the instructions using the Biden Presidential Veto authority.
ABA announced that SAB 121 is a major change in how storage assets are handled, and that it can make it difficult to keep the sector’s digital assets safe. “Sab 121 represents a significant deviation from the long -standing accounting practices for storage assets, and threatens the ability of the industry to ensure the safe and solid storage of digital assets to its customers,” the industry said.
ABA said that the limitation of the ability of banks to provide these services will make it difficult for customers to have well -arranged, reliable options to secure their digital asset portfolios, and ultimately exposure them to increasing risk.
For some people in the crypto industry, ABA’s Pro-Cripto description may be surprising. Last year, the group’s reports that the group helped Senator Elizabeth Warren, who was skeptical against the crypto, had emerged in the draft of the Anti-Cripto law. In December 2023, Cointelegraph made news about a video that Roger Marshall admitted to ABA that he received help from ABA while preparing the law of Digital Being with Warren with Warren. Marshall, “the first thing we do, the American Union of Banners went to say,” Help us, “he said.
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