Wall Street is urging President Biden to show his support for Congress’ rejection of the SEC’s cryptocurrency policy.

A recently signed letter by the American Bankers Association and Financial Services Forum expresses concerns about the impact of SAB 121 on regulated banking organizations’ ability to provide digital asset custody on a large scale. The letter argues that the regulation treats digital assets as if they are directly owned by the bank, rather than simply being held in custody. As a result, banks are required to include these assets on their balance sheets, leading to increased capital, liquidity, and other regulatory requirements compared to non-bank competitors.