**US Banking Lobby's Last-Minute Effort to Prevent Biden's Veto on SAB 121 Overturn**

In a last-minute effort, the American Bankers Association (ABA), the largest lobbying group for the U.S. banking sector, attempted to persuade President Joe Biden to reconsider his veto of the Congressional resolution to repeal Staff Accounting Bulletin (SAB) 121. The veto took place on May 31, just hours after the ABA's appeal.

In their letter dated May 31, the ABA argued that preventing regulated banks from providing digital asset safeguarding services at scale would harm investors, customers, and the financial system.

The ABA emphasized that SAB 121 marks a significant shift from traditional accounting practices for custodial assets, posing a threat to the banking industry's ability to offer secure custody of digital assets.

Despite both the House of Representatives and the Senate voting to repeal SAB 121, President Biden used his veto power to uphold the SEC's guidelines.

The ABA warned that limiting banks' capacity to provide these services leaves customers with fewer trusted and well-regulated options, thereby increasing their risk exposure.#Megadrop #StartInvestingInCrypto #MtGox $BTC #sec