🔥Hot News🔥US President Biden vetoed a congressional resolution aimed at overturning the SAB 121 bill, a move that triggered a strong reaction from the American Bankers Association (ABA). 📝The ABA said in a letter published on May 31 that preventing regulated banking organizations from providing digital asset protection services would harm investors, customers, and even the financial system itself. 🏦

The SAB 121 bill is seen as a major departure from the long-standing accounting treatment of custodial assets and could threaten the banking industry's ability to provide customers with safe and reliable digital asset custody. 😱The ABA noted that restricting banks from providing these services would leave customers with few well-regulated, trustworthy options to protect their digital asset portfolios, ultimately exposing them to greater risks. 🔒

The ABA's statement in support of cryptocurrencies may be surprising to some in the cryptocurrency industry, especially last year, when it was reported that the organization helped Senator Elizabeth Warren, who is skeptical of cryptocurrencies, draft the anti-cryptocurrency legislation, the Digital Asset Anti-Money Laundering Act. 🤔

However, Biden said in vetoing the resolution: "Overturning the SEC staff's considered judgment in this way could undermine the SEC's broader authority over accounting practices." He stressed that his administration would not support measures that endanger the well-being of consumers and investors. 👨‍💼

Although the current regulatory environment is challenging, we remain optimistic about the prospects of Bitcoin. 💪 Let us pay attention to the global regulatory dynamics of blockchain and explore the future of the industry! 🚀