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“SAB 121 successfully precludes regulated banking organizations from providing digital asset custody at scale because it treats the property as if they’re owned relatively than merely custodied by a banking group,” based on a letter to Biden on Friday, signed by a number of teams together with the American Bankers Affiliation and Monetary Providers Discussion board. “Establishments which might be pressured to document custodied digital property on stability sheet are subjected to greater capital, liquidity, and different prudential necessities, not like their non-bank rivals.”
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