President Biden Vetoes Resolution to Overturn SEC Crypto Custody Guidelines

The vetoed resolution sought to nullify SEC guidance on how banks should handle crypto assets, citing investor protection concerns.

Biden's veto blocks a bipartisan congressional resolution aimed at overturning SEC's Staff Accounting Bulletin 121.
The SEC's bulletin requires banks to treat customers' crypto assets as liabilities, which critics argue is too costly.
Biden emphasized the need for appropriate guardrails to protect consumers and investors in the crypto market.
The resolution had garnered support from both Republicans and some Democrats, reflecting bipartisan concern over the SEC's stance.
Biden expressed willingness to work with Congress on a comprehensive regulatory framework for digital assets.