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### 🚨 Bad News for Bitcoin and Altcoins from U.S. President Biden! 🚨
U.S. President Joe Biden has vetoed a House Joint Resolution that aimed to repeal Staff Accounting Bulletin 121 (SAB 121) from the U.S. Securities and Exchange Commission (SEC).
#### 🔍 **What is SAB 121?**
SAB 121 is an SEC guideline requiring financial institutions holding cryptocurrencies for customers to record these assets on their own balance sheets. Critics argue that this complicates collaborations between financial institutions and crypto companies.
#### President Biden's Statement
During his veto announcement, President Biden emphasized his commitment to protecting consumers and investors, stating he won't support "any measures that would jeopardize the welfare of consumers and investors." 🛡️
"By invoking the Congressional Review Act, this Republican-led decision would inappropriately restrict the SEC's ability to establish appropriate guardrails and address future issues,” Biden explained.
#### Collaboration with Congress
Biden reiterated his willingness to work with Congress on legislation for the digital asset market, emphasizing the need for "appropriate guardrails that protect consumers and investors." 🏦👥
#### Senator Ron Wyden's Concerns
Earlier on Friday, Senator Ron Wyden (D-Ore.), who voted for the resolution, expressed concerns at the Consensus 2024 conference. He noted that this guidance imposes a different standard for crypto compared to other assets in the financial sector.
