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“SAB 121 successfully precludes regulated banking organizations from providing digital asset custody at scale because it treats the belongings as if they’re owned fairly than merely custodied by a banking group,” in keeping with a letter to Biden on Friday, signed by a number of teams together with the American Bankers Affiliation and Monetary Companies Discussion board. “Establishments which might be compelled to document custodied digital belongings on steadiness sheet are subjected to greater capital, liquidity, and different prudential necessities, in contrast to their non-bank rivals.”
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