U.S. President Biden Vetoes Resolution Overturning SEC Guidance
Summary
President Biden vetoed a House Joint Resolution to repeal SEC's Staff Accounting Bulletin 121, which requires financial institutions holding crypto for customers to keep the assets on their balance sheets. Critics argue it hinders working with crypto companies. Biden emphasized the need for appropriate guardrails to protect consumers and investors. The veto came after banking groups and lawmakers urged him to sign the resolution. Sen. Ron Wyden highlighted the unequal treatment of crypto assets compared to other financial assets.
