Groups advocating for the interests of major banks in Washington have urged the White House to backtrack on its intention to halt efforts to repeal a controversial Securities and Exchange Commission (SEC) crypto policy. Wall Street banks and members of Congress have called on President Joe Biden to withdraw his promise to veto a resolution to repeal the SEC's crypto accounting policy.

SAB 121 is a controversial accounting standard that requires banks to treat digital assets differently than other assets. Crypto companies argue that this threatens their ability to do business with banks, and bankers agree.

Biden's threat to veto the resolution means the SEC cannot enforce something similar in the future if the rule is deleted under the Congressional Review Act. This prevents the SEC from “addressing future issues related to cryptoassets and ensuring appropriate security measures.”

Biden must make a final decision on whether to veto the resolution by Monday.

What do you think? We are waiting your comments! 😄👇🚀#DeFi#Web3

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