Wall Street has asked Biden not to veto Congress’s veto of the SEC’s SAB 121 encryption policy.

“SAB 121 effectively prohibits regulated banking institutions from providing digital asset custody at scale because it treats the assets as if they were owned rather than simply managed by the banking institution,” according to a letter sent to Biden on Friday. Several organizations signed. American Bankers Association and Financial Services Forum. “Institutions required to record deposited digital assets on their balance sheets are subject to higher capital, liquidity and other prudential requirements than their non-bank competitors.”