Odaily Planet Daily News: Hours before US President Biden vetoed a congressional resolution aimed at overturning the SAB 121 bill, the American Bankers Association (ABA), the largest lobbying organization for the US banking industry, wrote a letter on May 31 in an attempt to sway his decision. In the letter, the ABA wrote: "Preventing regulated banking organizations from effectively and massively providing digital asset protection services will harm investors, customers, and ultimately the financial system. SAB 121 represents a significant departure from the long-standing accounting treatment of custodial assets and threatens the industry's ability to provide safe and reliable digital asset custody to its customers." The ABA added: "Restricting banks' ability to provide these services leaves customers with few well-regulated, trustworthy options to protect their digital asset portfolios and ultimately exposes them to greater risks." For some in the cryptocurrency industry, the ABA's statement in support of cryptocurrency may be surprising, especially considering that just last year, it was reported that the organization helped Senator Elizabeth Warren, who is skeptical of cryptocurrency, draft the anti-cryptocurrency legislation "Digital Asset Anti-Money Laundering Act." (Cointelegraph) Earlier news, US President Joe Biden vetoed a resolution that proposed to overturn the US SEC's controversial crypto asset accounting standard SAB 121. He said in an official statement on May 31: "Overturning the SEC staff's well-considered judgment in this way may undermine the SEC's broader authority in accounting practices." Biden said: "My government will not support measures that endanger the well-being of consumers and investors."