Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.
The groups that lobby for big-bank interests in Washington asked the White House to step back from its stated intention to kill Congress' effort to cancel a controversial Securities and Exchange Commission crypto policy.
In a rare lobbying overlap with crypto world, Wall Street banks and members of Congress are asking President Joe Biden toon his vow to veto the U.S. congressional resolution to overturn the U.S. Securities and Exchange Commission's crypto accounting policy. "SAB 121 effectively precludes regulated banking organizations from offering digital asset custody at scale since it treats the assets as if they are owned rather than simply custodied by a banking organization," according to a letter to Biden on Friday, signed by several groups including the American Bankers Association and Financial Services Forum.
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