The American Bankers Association tried to prevent Biden from vetoing SAB 121

Hours before President Biden vetoed a congressional resolution aimed at overturning SAB 121, the American Bankers Association (ABA), the largest lobbying group for the U.S. banking industry, wrote a letter on May 31 in an attempt to sway his decision. “Preventing regulated banking organizations from effectively offering digital asset protection services at scale harms investors, customers, and ultimately the financial system,” the ABA wrote in the letter. “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 custody of digital assets to its customers.” “Restricting banks’ ability to provide these services leaves customers with few well-regulated, trusted options to protect their digital asset portfolios and ultimately exposes them to greater risk,” the ABA added. For some in the cryptocurrency industry, the ABA’s pro-cryptocurrency statement may be surprising, especially considering that just last year, it was reported that the organization helped crypto-skeptical Senator Elizabeth Warren draft anti-cryptocurrency legislation, the Digital Asset Anti-Money Laundering Act. (Cointelegraph) Previous 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."