Joe Biden Vetoed the Proposal Expected by the Cryptocurrency Community

US President Joe Biden vetoed the bill supported by the cryptocurrency community.

Joe Biden vetoed the bill prepared to reject the US Securities and Exchange Commission's (SEC) declaration coded SAB 121.

SAB 121 requires financial institutions that hold cryptocurrencies on behalf of their customers to show them on their balance sheet. This makes it difficult for financial institutions to work with cryptocurrency companies, experts say.

Biden said he would not support “any measures that put the well-being of consumers and investors at risk.”

According to Biden's statement, approval of this bill restricts the SEC's authority to combat risks that may occur in the future.